The National Marine Manufacturers Association Canada appeared as a witness last week before the House of Commons Finance Committee in Ottawa as part of a review of the credit market throughout Canada.
Sara Anghel, NMMA vice president of government relations and public affairs, spoke on behalf of the Canadian recreational boating industry, voicing concerns with the lack of marine dealer floorplan financing.
"A federal government loan guarantee program for floorplanning will increase liquidity, attracting new lenders to the marine industry," said Anghel. "NMMA urges the federal government to consider and include dealer floorplan financing as part of Business Development Canada's mandate to protect the $26 billion economic impact of Canada's recreational boating industry and ensure the estimated 374,000 jobs our industry produces are secure."
In addition, Jeff Wilcox, president of George's Marine and Sports, provided a dealer's perspective on the challenges of running a small business without floorplan financing and how the situation is forcing many throughout Canada's marine industry into unemployment.
"During my time with George's Marine and Sports, I have seen a number of changes in credit availability. However, today's situation has created the most challenging set of parameters I have ever seen in running a small business," said Wilcox.
The committee will review the comments and make recommendations to the Canadian government and the BDC.