SBA loan conference call set for this afternoon

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An informational conference call on Small Business Administration loans for marine businesses is set for 2 p.m. today.

Interested manufacturers, dealers and other marine businesses can participate via teleconference. Call (866) 740-1260 and enter code 3702101# a few minutes before the start time.

The call will accommodate the first 100 callers, and no preregistration is necessary.

The call will be mediated by Cindy Squires from the National Marine Manufacturers Association. Grady Hedgespeth, from SBA’s office of financial assistance, and Jim Coburn, from the National Marine Bankers Association, will be on the call as well.

For information, contact Squires at (202) 737-9766 or csquires@nmma.org.

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Comments

3 comments on “SBA loan conference call set for this afternoon

  1. Ray

    Late last week I recieved the information regarding the SBA pilot program for floor plan finiancing. I immediately began to contact local lenders that were listed on the SBA’s perfered lender list. Their response was not favorable, I was informed that they did not intend to participate in this program. My question is are all of your perfered lenders required to participate or are there just a few select lenders that will offer this program? If there are a few select lenders participating in the program  how can I find out who they are and how does one apply?

  2. sba loan applicant

    If you’re going after an SBA loan in order to help your business……..don’t even waste your time!
    For the last four months we have been seeking an SBA loan to assist our cash flow and growth in another industry (retail soccer store).
    So far, we have been referred to four different local banks, all of which are SBA approved .
    The problem you will find: eventhough SBA toots it horn about how much it is helping small businesses (guaranteeing up to 90% of your loan and waiving all bank fees) it is up to the bank to make the decision to loan you the money.
    So far, from every bank we have found the following in regards to an SBA approved loan.
    1.  If you’ve been in business for at least three years, WE WILL NOT LOAN YOU THE MONEY.
    2.  If you have been in business for three years, BUT HAVE NOT SHOWN A PROFIT FOR ALL THREE YEARS (who has) WE WILL NOT LOAN YOU THE MONEY.
    3.  Unless you can personally secure the loan 100% (remember, SBA already provides a 90% guarantee) WE WILL NOT LOAN YOU THE MONEY.
    SBA is nothing more than a government “feel good” program so that they can say, “see what we are doing for small business”.
    It is up to the bank to provide the loan, and GOOD LUCK if you can find a bank that will provide a loan to you based upon the three criteria shown above……….all of which every bank will require before turning you down.

  3. boatfloat

    So what if you’ve been in business for LESS than 3 years? You don’t get the loan either?

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