SBA loan bill set for vote this week

Posted on 26 July 2010

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A key bill for boat dealers may come to the Senate floor for a final vote this week, the Marine Retailers Association of America reported in an alert to its members.

H.R. 5297, which has already passed the House of Representatives, would increase the loan caps for dealer floorplan financing guarantees under the SBA 7(a) loan program from the Small Business Administration from $2 million to $5 million, raise the government guarantees on SBA 7(a) loans from 75 percent to 90 percent, increase the 504 loans from $1.5 million to $5.5 million, and extend the elimination of SBA loan fees through Dec. 31.

The bill also includes a measure to extend the dealer floorplan pilot program to 2013.

"MRAA strongly supports this bill and asks all marine dealers to call or e-mail their two Senate offices immediately to support the bill, H.R. 5297, and an amendment No. 4450 sponsored by Sens. Mary Landrieu, D-La., and George LeMieux, R-Fla., to make $30 billion available to community banks to lend to small business," the MRAA said in its alert.

"Please call today at the general switch board of the U.S. Senate at (202) 224-3121 and ask to speak to your two Senators," the alert added. "If you prefer to e-mail your message, the e-mail address usually follows the following format: senator (last name of your Senator)@(last name of your Senator).senate.gov."

Comments

6 Tuesday, 27 July 2010 20:18

I would love to write about dealers that had experience with SBA’s floor plan program. I’ve only heard of one being approved because the customer was a long-time customer of a bank testing the water with the program.

Most banks have difficulty making short-term lines of credit under the SBA programs, especially a new program without the problems being kinks ironed out.

Please e-mail me at This e-mail address is being protected from spambots. You need JavaScript enabled to view it

Many thanks,

Jerry Chautin is a volunteer SCORE business counselor, business columnist and SBA's 2006 national "Journalist of the Year" award winner. He is a former entrepreneur, commercial mortgage banker, commercial real estate dealmaker and business lender. You can follow him at www.Twitter.com/JerryChautin
http://tenonline.org/sref/jc1bio.html

5 Tuesday, 27 July 2010 01:34

If you are a conservative, you wouldn't believe this nonsense.  Oh yes, Santa Clause will be coming in 5 months.

4 Monday, 26 July 2010 20:22

Dear Reader:

Most people do not know what an "SBA guaranteed loan" really is.  Sadly I watch hundreds of small business owners assume that they can / can't get the loan based on their own beliefs.

I feel strongly that next time a critical vote like this takes please - educate the public!

Ilya Bodner

Small Business Owner

3 Monday, 26 July 2010 19:19

Can't sell the boatrs we already have..why buy more.  ?

2 Monday, 26 July 2010 17:26

Why would we want to borrow more money and go deeper in debt when debt is what has buried many dealers already.

To buy more inventory when we cant sell what we already have.

See headline above; "Brunswick will predict steeper industry sales decline."

1 Monday, 26 July 2010 17:11

7-21-2010

Dear Senator:

I am politically conservative. I stand side by side with you on most issues.

Kentucky Marine dealers really, really need your help and H.R. 4450 is a great way to create meaningful jobs in South Eastern, Kentucky.

Please approve this bill as we desperately need help from the SBA to create jobs and promote tourism to these depressed regions. Currently we cannot get banks to help us in any way and without the SBA's help with increase the loan caps for dealer floorplan financing guarantees under the SBA 7(a) loan program from the Small Business Administration from $2 million to $5 million, raise the government guarantees on SBA 7(a) loans from 75 percent to 90 percent, increase the 504 loans from $1.5 million to $5.5 million, and extend the elimination of SBA loan fees through Dec. 31.

Thank you for your yes vote for H.R. 4450. Your yes vote will restore and create thousands of jobs in our region.

Respectfully

Michael. G. Listermann

Winner's Marine, LLC.

1410 W. Hwy 90

Bronston, KY 42518

606 561 3474

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