MRAA says President Barack Obama is now considering extending loans usually reserved for small businesses to dealers, making it easier for them to borrow money to acquire new and used boats. The SBA had placed a moratorium on using federal funds for floor planning.

During a two day period preceding the industry American Boating Congress in Washington, D.C, Phil Keeter, MRAA President, and Larry Innis, MRAA Washington Representative, met with key employees of the National Automobile Dealers Association, the National Association of Development Companies, and the Small Business Administration. NMMA and the National Marine Bankers Association joined for the meeting with the SBA. Mr. Keeter had met earlier with the National Association of Guaranteed Government Loans, which administers the SBA 7 (a) loan program for floor plan financing.

The purpose of the meetings was to discuss the need for federal assistance for boat dealer floor planning. The meeting with the SBA occurred immediately after a special meeting the SBA had in the White House to present the SBA plan for expansion of the 7 (a) loan program to floor planning at boat, car, and RV dealerships. The White House Office of Management and Budget is now considering the SBA proposal.

Time is now critical. According to the SBA, the White House wants to make a decision by June 1 to allow making SBA funds available for dealer floor planning.

It's easy. Go to www.whitehouse.gov and click on the "Contact Us" button, enter the required information and the following message:

Dear Mr. President. "The recreational boating industry and my business are suffering from a credit freeze and the inability to obtain floor financing of our products causing as many of 50% of our valued employees to be laid off from work. We understand the Small Business Administration has presented a proposal to OMB which would open the SBA 7 (a) loan program to floor plan financing for new and used boats. Support of this proposal is critical for the financial recovery of our industry. We are writing to ask for your support of the SBA proposal to open the 7 (a) loan program for floor plan financing. Thank you."