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.

Obama proposes raising SBA loan limits

The Marine Retailers Association of America applauded President Obama’s proposal Wednesday to raise the maximum size of SBA-backed loans to small businesses. “Marine retailers have been hard hit by the recession. MRAA has assisted the SBA in setting up workable loan programs for the marine industry,” said MRAA chairman Ed Lofgren. “We understand several dealers…more

Unemployment now at 9.8 percent

Unemployment rose in September to 9.8 percent, according to the U.S. Department of Labor. The economy lost 263,000 jobs last month, more than was forecast. The largest job losses were in construction, manufacturing, retail trade and government. The August unemployment rate was 9.7 percent. Since the start of the recession in December 2007, the number…more

Maryland kicks off coastal initiative

Maryland Gov. Martin O’Malley announced the first four projects that will start the state’s new Coast-Smart Communities Initiative. Created in response to the Maryland Commission on Climate Change Action Plan, the initiative provides financial and technical assistance to coastal communities to address vulnerability to the impacts of rising sea levels and climate change. “With more…more

Obama seeks national policy for U.S. waterways

Obama Administration officials released the Interagency Ocean Policy Task Force Interim Report for a 30-day public review and comment period. The report provides proposals for a comprehensive national approach to ensure accountability for the health of the nation’s oceans, coastal areas and Great Lakes. “This interim report represents a wide spectrum of views and considerations,…more

Company develops charting system for NOAA

Survice Engineering Co. of Belcamp, Md. recently completed a research effort for the National Oceanic and Atmospheric Administration to develop a new underwater charting system. The patent-pending system, ARGUS (Autonomous Remote Global Underwater Surveillance), harvests position and depth data from the chart plotters of under-way vessels to provide contour mapping of the sea floor. The…more

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Banks are balking at SBA floorplan loans

MRAA asks for some changes in the program, while the NMMA urges dealers to ‘educate’ lenders Industry leaders are hopeful the Small Business Administration’s dealer floorplan program can help resolve one of the biggest problems facing marine businesses, but they also acknowledge the program has some major kinks that need to be worked out. “We’re…more

Unemployment rate dips to 9.4 percent

Employers eliminated 247,000 jobs in July, the slowest pace in a year, and the unemployment rate dipped slightly to 9.4 percent, according to a report released today by the U.S. Department of Labor. From May to July, job losses averaged 331,000 per month, compared with losses averaging 645,000 per month from November to April. Since…more

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

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