NMLA and Lending

The National Marine Lenders Association is a trade association of boat lending specialists. Members include financial institutions such as commercial banks, private financing firms, savings and loan companies, credit unions and retail service companies. Members extend or originate credit to consumers, retailers/dealers and makers of recreational boats and equipment.

NMBA conference under way in South Carolina

The 30th annual National Marine Bankers Association conference started Sunday in Hilton Head, S.C. Brunswick Corp. chairman and CEO Dustan McCoy is scheduled to give the keynote address at the event. McCoy will discuss his views on when and how the marine business will recover. His presentation will correspond with the various business sessions focusing…more

Man sentenced for fraudulent boat loans

A Michigan man was sentenced to 12 years in prison after pleading guilty to fraud and other charges for taking out millions of dollars in loans for boats he never bought. Michael Vorce was sentenced last week on charges of bank fraud, money laundering and income tax offenses. He admitted to multiple criminal violations, including…more

Brunswick CEO to keynote banker’s convention

Brunswick Corp. chairman and CEO Dustan McCoy will give the keynote address in November at the 30th annual Marine Lending Conference. Produced by the National Marine Bankers Association, the conference will be held Nov. 8-11 at the Westin Hilton Head Island Resort & Spa in Hilton Head, S.C. McCoy will discuss his views on when…more

N.Y. dealer to testify in front of Congress

New York boat dealer David Bofill will testify this afternoon before the House Committee on Small Business on “Laying the Groundwork for Economic Recovery: Expanding Small Business Access to Capital.” Speaking on behalf of his company, Dave Bofill Marine Inc., and the National Marine Manufacturers Association, Bofill will discuss the impact the current credit crisis…more

Stress test: Banks need to raise $74.6 billion

The federal government ordered 10 of the nation’s biggest banks to raise a combined $74.6 billion in capital as a cushion, after stress-test results showed potential losses of up to $599 billion through the end of next year if the economy performs worse than expected. The Federal Reserve’s worst-case estimates of total losses and capital…more

Government expands small-business loans

The Small Business Administration has moved toward making more credit available to marine dealers by announcing an increase in the eligibility of its 7(a) guaranteed loans. Starting this week, the SBA will adopt a change in its size standard for 7(a) loans, allowing a small business to qualify based on net worth and average income.…more

NMBA: lending potential could be high after recovery

The National Marine Bankers Association published a white paper outlining the opportunities for lenders once the industry recovers from the downturn. Produced in conjunction with the National Marine Manufacturers Association, the white paper reports that the upside potential for banks and other credit providers may be higher than previous recoveries, since many lenders were forced…more

NMBA offers financing tutorial online

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…more

Analysts weigh in on GE lending plan

Analysts say that GE’s tightening of its floorplan lending standards could seriously affect the marine industry, where it is the primary source of commercial credit. GE recently announced substantially higher interest rates, tougher requirements on curtailments, higher up-front “stocking fees,” and extended repurchase commitments for manufacturers, Edward Aaron, analyst with RBC Capital Markets noted in…more

Floorplan loans will be included in TALF

The National Marine Manufacturers Association has succeeded in helping get non-auto floorplan loans included in President Obama’s Term Asset-Backed Securities Lending Facility program. “The decision to include floorplan loans in TALF is a significant victory for marine manufacturers and dealers,” said NMMA president Thom Dammrich, in a statement. “The thousands of calls and e-mails sent…more

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