09:05 AM EDT, 09/23/2024 (MT Newswires) -- Investment firm Monroe Capital said Monday it plans to raise up to $1 billion to provide loans that will help smaller carmakers retool for electric vehicles, which the White House said will "facilitate access to lower cost capital."

The "Drive Forward" fund would be backed by low-cost government-guaranteed lending through the US Small Business Administration, the White House said.

Additionally, the US Treasury said it is launching the Michigan Auto Supplier Transition Program with a $9.1 million grant for small automakers to scale and shift to EV components production.