V-Vehicle Tries Again For Federal Loans

MONROE, La. (AP) -- Startup automaker V-Vehicle Co. has resubmitted its application for $321.1 million in federal loans to build a fuel-efficient vehicle in Monroe.

The San Diego-based company's first attempt to get the money was rejected by the Energy Department on March 24. At that time, company officials said the agency wanted V-Vehicle to obtain another $50 million in private investment and get a $50 million credit line for working capital -- on top of the $86.5 million it initially raised.

Company officials did not return calls for comment Tuesday on the latest application.

V-Vehicle plans to convert the old Guide Corp. plant in Monroe and eventually employ 1,400 people.

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