Loans May Soon Be Available to Truckers Affected by High Cost of Fuel

Loans May Soon Be Available to Truckers Affected by High Cost of Fuel
October 3, 2008

After meetings with many truckers to discuss their challenges associated with the rising cost of fuel; US Rep. Brian Baird (D-Wash) has proposed legislation to provide them with low-interest loans.

"Truckers provide the backbone of our nation's retail economy,” says Baird. In light of recent Wall Street disasters, Congressman Baird looks to support independent truckers and small businesses, not just the large corporations. “This legislation would...help keep them, and our economy afloat."

Under the proposed bill, transportation businesses affected by high fuel prices would be eligible to apply for emergency loans up to $250,000 via the Small Business Administration. This could prevent these firms from going out of business and serve to stimulate the faltering economy.

Rep. Norm Dicks (D-Wash.), Rep. Peter DeFazio (D-Ore.), Rep. John Salazar (D-Colo.), and Rep. Stephanie Herseth Sandlin (D-S.D.) have agreed to co-sponsor the proposed legislation in hopes that it should be included in the upcoming economic stimulus package. The Northwest Log Truckers Cooperative and the Owner-Operator Independent Drivers Association also support this bill.