$500,000,000 backs loans of up to $100,000,000,000 for critical minerals
What the document says“such amounts are available to subsidize gross obligations for the principal amount of direct loans, and total loan principal, any part of which is to be guaranteed, not to exceed $100,000,000,000; and”
The section appropriates $500,000,000 to the Department of Defense Credit Program Account, available through September 30, 2029, to carry out the capital assistance program of loans, loan guarantees and technical assistance established under section 149(e) of title 10, United States Code, for critical minerals and related industries and projects including related Covered Technology Categories. The money may subsidize direct loans and guaranteed loan principal up to $100,000,000,000 in total, and may cover all costs and expenditures provided for in section 149(e)(5)(B).
What the document actually says“such amounts are available to subsidize gross obligations for the principal amount of direct loans, and total loan principal, any part of which is to be guaranteed, not to exceed $100,000,000,000; and”
The money backs loans made by the government. It also backs loans the government guarantees. The total may not top $100 billion.
The $500 million is not the loan pool. It is what covers the risk of loss. That lets a much larger sum be lent out.
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