Detroit ? Fiat’s deal to take a 35 percent stake in Chrysler could bring badly needed small cars to the struggling U.S. automaker’s showrooms, but the Italian company will not provide any immediate cash — and the help may already be too late.

For Fiat, which also makes Lancia and Alfa Romeo vehicles, the deal announced Tuesday provides ready access to Chrysler’s underused factory capacity in the U.S. and an instant distribution network to re-enter the American market, something that Fiat has wanted to do for years.

Still, Chrysler faces 2009 with a critical cash shortage, limited fuel-efficient offerings, a model lineup that is not selling well and a two-year wait for the Fiat partnership to bear fruit.

The deal may help Chrysler LLC prove that it can become competitive, in order to get another $3 billion in loans from the federal government.

The companies said the Fiat deal will be part of the viability plan Chrysler must submit to the Treasury Department by Feb. 17.