NMMA president Thom Dammrich participated Tuesday in a roundtable forum hosted by the U.S. Senate Committee on Small Business and Entrepreneurship on the "State of Small Business Lending: Identifying Solutions and Exploring Obstacles."
The NMMA was invited to appear before the committee on behalf of the recreational marine industry as a result of the ongoing effects the credit crisis is having on small companies nationwide. The Senate Small Business Committee, chaired by Sen. Mary Landrieu, D-La., and ranking member Olympia Snowe, R-Maine, called the roundtable to explore why small business lending has not improved and to identify solutions to the ongoing credit crisis.
Congress is soon expected to take up a stimulus bill focused on small business lending and other initiatives to improve the small business environment.
Dammrich's formal statement focused on the need to enhance and extend the Small Business Administration's Dealer Floorplan Pilot Program. He also discussed the need to responsibly modify the procedures bank examiners are imposing on banks, including overly restrictive lending practices by bank regulators.
Dammrich also expressed support of the Obama administration's proposed Small Business Lending Fund, which makes low-cost capital available to community banks to lend to small businesses, but encouraged this proposed new fund specifically incentivize floorplan financing.