NMBA offers financing tutorial online

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The National Marine Bankers Association launched a new Web-based tutorial today to help those in the boating industry find and develop loan sources.

The 15-minute, free webinar reviews the basics of uncovering prospective lenders on a local and regional basis and identifies ways to approach and encourage them to extend credit services to consumers and businesses.

The program also benefits those interested in improving or maintaining relationships with existing lending sources. As a compact “refresher” course on lender relationship basics, the NMBA offers a step-by-step approach to maintaining dialogue with banks and other credit entities.

“Relationship-building, communication and networking with the lending community has never been more important to the revival of the boating industry than it is today,” said Jim Coburn, NMBA president and program narrator, in a statement.

“We need grassroots efforts at the local lending level to maintain, as well as uncover, new funds and this ‘back-to-basics’ tutorial will help marine businesses gain comfort and knowledge in working with lenders,” he added.

The program reinforces that retail funding remains available, though qualifications for borrowers have been raised. Floorplan lending has been severely impacted by the current economy, so new sources, including community banks, should be approached and encouraged to serve that market.

Additionally, the association has also identified and will be contacting more than 100 lending institutions to promote the NMBA and encourage lending.

Click here to view the webinar.

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