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.

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

MRAA: Petition Congress to ease credit markets

The Marine Retailers Association of America is urging its members to ask their Congressional representatives for help in loosening the credit markets. “We believe the next round of assistance to the financial industry will be debated in Congress in the next several weeks,” the MRAA said in an alert to its members. “This plan will…more

NMMA pushing for floorplan financing relief

The National Marine Manufacturers Association is urging federal officials to include marine floorplan financing loans in a new consumer and business lending initiative called the Term Asset-Backed Securities Lending Facility. TALF is designed to reignite securitization markets by providing financing to investors to support their purchases of certain AAA-rated asset-backed securities. The first round of…more

Yamaha promotions seek to boost sales

Yamaha Marine Group is launching two retail promotions to spur sales during boat show season. The first promotion, “Repower Now,” offers two consumer options. The first is a credit when purchasing eligible outboards. The credit can be used toward Yamaha rigging components and/or dealer installation services available at the authorized dealership that sold the engine.…more

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