Obama proposes raising SBA loan limits

Author:
Updated:
Original:

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 are in the final review process for the SBA floorplan financing loan guarantees. This announcement will only enhance the program and make it available to more small-sized dealers and hopefully help dealers get through these tough times."

Specifically, President Obama called for:

  • Increasing the size of SBA 7(a) loans used for dealer floorplan financing from $2 million to $5 million
  • Increasing the size of SBA 504 loans used for purchase or expansion of physical plants from $2 million to $5 million for standard borrowers (supporting a total project of $12.5 million) and from $4 million to $5 million for manufacturers (supporting a total project of $13.75 million)
  • Increasing the size of microloans from $35,000 to $50,000.

Click here for details on the new proposal.

Related

NMMA Confirms Industry Growth

NMMA president Frank Hugelmeyer said the boating business grew 12 percent last year during yesterday’s virtual State of the Boating Industry address.

Newport Show Dates Announced

Organizers are planning for an in-person Golden Anniversary edition of the show Sept. 16-19.

Quick Hits: March 5, 2021

The National Association of Manufacturers names Brunswick Corp. CFO Ryan Gwillim to its Board of Directors.

Caught Red-Handed

Two commercial fishermen were jailed for possessing an illegal haul that included 100 undersized lobster tails, which is a felony. Also, fisheries management gets new funding.

Bennington Expands Operations

The pontoon builder plans to add jobs at its new facility in Elkhart County, Ind., and increase manufacturing output.

KVH Industries Names CFO

Longtime telecom financial executive Roger A. Kuebel assumes the position that COO Brent Bruun had held in an interim capacity.