Triumph Boats is given $2 million federal loan

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Little Falls, Minn.-based Triumph Boats secured a nearly $2 million federal loan package through the USDA Rural Development loan program, announced U.S. Sens. Al Franken and Amy Klobuchar, and Rep. Jim Oberstar.

The public money is enabling production to start at a new plant built next to Triumph’s sister company, Larson Boats, the St. Cloud Times reports. Larson officials say the new plant should initially create 20 new jobs.

The public loans helped pay for the costs of moving equipment from a closed Triumph facility in North Carolina. The equipment has been moved, and production at the Little Falls facility is under way, said Carol Anderson, spokeswoman for Community Development of Morrison County.

The former Genmar company is now owned by J&D Acquisitions.

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Comments

7 comments on “Triumph Boats is given $2 million federal loan

  1. cfb

    I an impressed with J&D.  It amazed me how they could get a federal loan and we as small dealers can’t find a bank anywhere that will work with the small business loans.  The banks say the extensive paperwork to meet the criteria is just not worth it.  It seems like this is just another example of how the rich get richer and the poor get poorer.

  2. Timothy McDaniel

    As an authorized manufacturer for Triumph boat covers, I am very pleased to hear the good news.  We all need this in the economy we have.

  3. ddarcycomscc

    It is a shame that small boat dealers can’t even get a floor plan line , yet Jacobs, a corporate raider who went bankrupt seems to have no trouble getting a loan backed by the federal government (us). And the people are screwed again.

  4. Old Lund Boat Guy

    Looks like 3 crooks borrowing our money to another crook …. across party lines! Shows how bi-partisan IJ can be! They might as well have made that a grant…………

  5. pursuit

    First he reports over 70 milion in liabilities to the bankruptcy court pertaining to Triumph,then he gets $100,000.00 to move Triumph from Mn.and now he gets this from our govt.because he forgot that Triumph needs a 40′ ceiling for the ovens.Amazing.In my 30 years in the boat industry I still can be amazed.

  6. stan

    ok now how quickly will the ” public” receive the intrest and principal amout back . or will the plant managers shuffle the money elsewheres . so does this mean the U S tax paying citizens are shareholders now???

  7. Curtis

    2 million divided by 20 people = 100,000 each person
    I just hired a guy were is my 100,000
    It is not what you know but who you know
    Have a nice day

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