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 questions and inquiries about the new and existing SBA loan programs. The MRAA says boat dealers remain most concerned about viable floorplan financing due to the credit freeze and market withdrawal from former credit sources.
The association says many of the loan programs are in their infancy and lack necessary support in some financial institutions because of a new learning curve and no prior experience in these specific programs.
"Do not give up if you are given roadblocks during your inquiries with a particular financial institution. Remember, the loan programs are new to them, too," the MRAA said in a recent membership advisory.
For information about SBA loan programs, call (800) 827-5722 or visit www.SBA.gov. The National Association of Guaranteed Government Lenders can also help find an SBA-guaranteed lending organization.
For information about government-guaranteed loans available in rural areas through the Department of Agriculture, click here.