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.

SBA offers guidance for dealer floorplan program

The Small Business Administration completed a checklist and instructions for applying for a 7(a) loan as part of the new dealer floorplan program. The SBA expects lenders to maintain a complete file, including copies of all SBA forms, according to a recent advisory from the Marine Retailers Association of America. The MRAA said it expects…more

New SBA loan fact sheet now available

The Marine Retailers Association of America, National Marine Manufacturers Association and National Marine Bankers Association have prepared a revised fact sheet to better describe the loan options available to marine retailers from the Small Business Administration and the U.S. Department of Agriculture. The organizations updated the fact sheet in response to a significant number of…more

SBA loan program available for veterans

The SBA has a special loan program for veterans who own small businesses, the Marine Retailers Association of America notes in an advisory to its members. Patriot Express, which launched in 2007, builds on the more than $1 billion in loans the SBA guarantees annually for veteran-owned businesses. These loans are a streamlined loan product…more

Dealers say finding lenders for SBA program is difficult

When the Small Business Administration announced a new dealer floorplan loan program several weeks ago, it was heralded by industry leaders as a way to ease the credit crunch. Since then, many dealers have complained that they can’t find SBA-approved lenders that offer floorplan financing. Industry leaders continue to praise the program, however, and say…more

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

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