The Small Business Administration completed a checklist and instructions for applying for a 7(a) loan as part of the new dealer floorplan program.
The SBA expects lenders to maintain a complete file, including copies of all SBA forms, according to a recent advisory from the Marine Retailers Association of America. The MRAA said it expects more financial institutions will begin to look into the SBA 7(a) loan guarantee program for floorplan financing, as the application process becomes established and banks become comfortable with the new program.
There are specific guidelines for dealer floorplan applications. For example, SBA Form 4, Form 4-1, and Form 4, Schedule A are specifically identified and must be completed in the loan process.
The latest SBA instructions are dated July 2009, but slight revisions are probable in the future, MRAA notes. For information, call the local SBA field office, (916) 735-1986, or e-mail questions to the SBA at firstname.lastname@example.org.