SBA offers guidance for dealer floorplan program

Author:
Updated:
Original:

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.

Click here to view the instructions.

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 7aquestions@sba.gov.

Click here for the full release.

Related

German Superyacht Yard Files for Bankruptcy

Nobiskrug cited a lack of orders, the Covid-19 pandemic and other factors in its decision to start the proceedings.

West Marine Acquired

The private-equity firm L Catterton will take a controlling interest in the retailer’s ownership.

Kicker Supports Two Events on Lake Havasu

The marine audio company will take part in the performance-boat events Super Cat Fest West and the Desert Storm Poker Run this weekend and next.

Bay Bridge Show Starts Tomorrow

The combined sail- and powerboat show runs through Sunday in Stevensville, Md.

Brunswick Corp. Arranges Covid-19 Vaccinations

The marine-industry conglomerate aims to protect employees and their communities against Covid-19.

Kadey-Krogen Announces New Ownership Structure

This summer, the builder and its new investor plan to reveal a five-year innovation and strategic plan.

What is America’s Finest Harbor?

Online voting is open in the US Harbors competition for the best U.S. harbor.

Bruce Van Wagoner to Retire

The 45-year industry veteran was marine group president for Wells Fargo Distribution Finance.

Patrick Acquires SeaDek Parent

The Indiana-based company continues its strategy of growth through acquisitions.