Energy secretary Steven Chu has announced a sweeping reorganization of the department’s dispersal of direct loans, loan guarantees and funding contained in the American Recovery and Reinvestment Act.
By cutting paperwork, processing applications on a rolling basis and drawing on lessons from the private sector and other agencies, the department said it will be in a position to offer loan guarantees under the new recovery legislation by early summer, and plans to disperse 70 percent of the funds by the end of next year.
Loan program reforms include additional staff and resources to process applications.
Reforms also include rolling appraisals of applications and a new website to track money and help applicants.
Secretary Chu announced that he is naming Matt Rogers, a former McKinsey executive and part of the Obama transition team, as senior advisor to implement the reforms and recovery act investments.