Regulations and Compliance

Many federal and state government regulations affect the marine industry. Trade Only follows developments as companies strive to operate in compliance with the rules.

Group fights proposal to call rigging knives switchblades

The American Knife & Tool Institute is fighting a U.S. Customs proposal that would characterize assisted-open knives as switchblades, and could jeopardize all pocket knives such as rigging knives and multitools. The group is lobbying for passage of the Wyden-Cornyn amendment to the Senate appropriations bill. The amendment would restrict U.S. Customs from using any…more

SBA expands loan program

The Small Business Administration expanded its 504 Certified Development Company loan program to allow small businesses to refinance existing loans used to purchase real estate and other fixed assets. The changes, authorized in the American Recovery and Reinvestment Act of 2009, will allow small businesses to restructure eligible debt to help improve their cash flow,…more

SBA dealer financing program begins

A new dealer floorplan pilot program created by the Small Business Administration is now under way. As of July 1, boat, auto and RV dealers can apply for SBA-guaranteed floorplan financing so they can borrow against inventory and increase their cash flow. The program will run through Sept. 30, 2010. DFP loans will be available…more

Unemployment climbs in June

Unemployment continued to rise last month, with 467,000 jobs lost in June, according to the U.S. Department of Labor. The unemployment rate was 9.5 percent, up from 9.4 percent the previous month. Job losses were widespread across major industry sectors, with large declines occurring in manufacturing, professional and business services and construction. Click here for…more

Wisconsin bill would put moratorium on boat sales tax

A Wisconsin lawmaker plans to introduce a bill in that state designed to stimulate boat sales. The legislation, proposed by State Rep. John Townsend, R-Fond du Lac, provides for a year-long moratorium on state sales tax on up to $30,000 of purchases, according to the Oshkosh Northwestern newspaper. The moratorium would apply to motorboats, outboard…more

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The slimming down of the boat business

The industry has lost 50 to 75 percent of its workers since 2005, which translates into at least 135,000 jobs During the last year, it seems barely a week goes by without a marine business announcing layoffs, production cutbacks or plant closures. By some estimates, the marine industry has lost as much as 75 percent…more

Unemployment up but pace slows

The unemployment rate rose last month to 9.4 percent, up from 8.9 percent in April, the U.S. Department of Labor reported today. Steep job losses continued in manufacturing, while declines moderated in construction and several service-providing industries. The number of unemployed persons increased by 787,000 to 14.5 million in May, according to the latest statistics.…more

SBA details floorplan loan program

The National Marine Manufacturers Association hosted a conference call Wednesday to address questions about a new floorplan financing program offered through the Small Business Administration. Soundings Trade Only participated in the conference call. Under its new Dealer Floor Plan pilot program, SBA will provide loan guarantees for lines of credit through its 7(a) program. DFP…more

SBA loan conference call set for this afternoon

An informational conference call on Small Business Administration loans for marine businesses is set for 2 p.m. today. Interested manufacturers, dealers and other marine businesses can participate via teleconference. Call (866) 740-1260 and enter code 3702101# a few minutes before the start time. The call will accommodate the first 100 callers, and no preregistration is…more

New Florida law will allow cruisers to stay longer

Boaters cruising Florida waters might find it easier to anchor for extended periods in a number of cities where local ordinances limited anchoring to as little as 48 hours. Florida Gov. Charlie Crist recently┬ásigned House Bill 1423, a general legislative package for the Fish and Wildlife Conservation Commission that includes a provision preventing local communities…more

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