President Obama announces $400 million in loan guarantees for Colo. solar company

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Obama announces $400M boost for Colo. solar firm

FORT COLLINS, Colo. — A solar company that got its start at Colorado State University is expected to get a $400 million federal loan guarantee, creating 1,500 permanent jobs in Colorado and Indiana.

President Barack Obama planned to announce the loan to Abound Solar on Saturday during his weekly broadcast address.

Federal loan guarantees help companies get access to capital from a financial sector that’s still reluctant to lend. They remove the risks for lenders.

Obama says the commitment to Longmont-based Abound will create 2,000 construction jobs and 1,500 permanent jobs. He says the company is building a plant in Colorado and another will open in an empty Chrysler plant in Indiana.

Information from: Fort Collins Coloradoan, www.coloradoan.com