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
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.
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
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
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 signed House Bill 1423, a general legislative package for the Fish and Wildlife Conservation Commission that includes a provision preventing local communities…more
A new program from the Small Business Administration will offer floorplan financing with government-guaranteed loans for eligible boat, auto and recreational vehicle dealers. “By filling a gap in the credit markets that has existed since at least last September, this new SBA program will allow dealers and manufacturers to plan over a longer term and,…more
Florida Gov. Charlie Crist signed into law several bills to strengthen his state’s economy, including one that will help the marine industry. House Bill 7031 allows non-residents who purchase a boat in Florida, or bring a boat into Florida for repair or alteration, to remain in the state 180 days before becoming liable for the…more
Small businesses suffering financial hardship as a result of the slow economy could be eligible to receive temporary relief through a new loan program announced this week by the Small Business Administration. Beginning June 15, SBA will start guaranteeing America’s Recovery Capital loans. ARC loans are deferred-payment loans of up to $35,000 available to established,…more
The Department of Labor this morning reported a rise in the unemployment rate in April. Unemployment now stands at 8.9 percent, up from 8.5 percent in March. Since the recession began in December 2007, 5.7 million jobs have been lost. In April, job losses were large and widespread across nearly all major private-sector industries. Overall,…more
Four top executives at Marine Products Corp. volunteered to cut their salaries “in light of the difficult operating environment faced by the company,” according to a document filed this week with the Securities and Exchange Commission. The Compensation Committee of Marine Products’ board of directors approved the salary reductions on March 26. The pay cuts…more
Teleflex Marine, which manufactures steering controls, is closing its Hagerstown, Md., plant. The closure means the loss of 93 jobs, according to a report filed with the Maryland Department of Labor, Licensing and Regulation. The closure, which was posted Dec. 8, is effective Feb. 6, according to the filing.