SBA will revise floorplan lending program

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The Small Business Administration is developing a revised Dealer Floorplan Program to replace the expired pilot program, the National Marine Manufacturers Association announced.

Last week, the NMMA and other industry leaders hosted a conference call with more than 30 lenders to inform them that a new program with improved terms is being prepared by the SBA. The SBA is collecting feedback from the lenders and is aiming to increase lender participation.

The SBA hosted a conference call this week with the industry and lenders to discuss concerns with the pilot program and how to ensure that lenders of all sizes participate in the new program.

The SBA is working to have a new program completed in early 2011, the NMMA reported.

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

Comments

2 comments on “SBA will revise floorplan lending program

  1. Curtis

    Does it matter. I have not found one bank in my area Seattle/Tacoma/Everett big or small that wants to be part of the program. I tell them I am in the boating industry and they laugh.
    If anyone knows of a bank please speak up.

  2. Rick

    A few years ago our area was hit with a flood and we applied for an emergency SBA loan to offset loses.  We were told we were not eligible for a loan because we were profitable.  When we got hit with this downturn and GE started tightening the screws, we again applied for a loan.  We were turned down because we were told we were not profitable.  We are a business in need of floor planning to survive.  Open to your ideas and suggestions.

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