General Motors has agreed to pay $40 million in mortgage loans to the new Lordstown Motors Corporation, providing the business substantial financial backing.

The Lordstown Motors Corp. purchased the shuttered GM Lordstown plant in November of 2019.

The company plans on producing electric pick-up trucks. 

The $40 million will cover the company's purchase of the plant and initial startup costs to get the plant production ready. 

Legal documents were filed in the Trumbull County recorder's office on Dec. 5.

The mortgage enables Lordstown Motors Corp. to borrow up to $40 million dollars. 

According to documents, GM will retain a portion of the surrounding land and later options to repurchase the plant.