MRAA Asks Dealers to Thank White House

In an announcement dated May 28, the Federal Small Business Administration announced a government guaranteed loan program for boat floor plan financing. For more information, the SBA has provided a copy of their press release, information about the new program, and frequently asked questions on its website, sba.gov/floorplanfinancing/. Under the Dealer Floor Plan pilot program, $160 billion will be made available through lines of credit under the SBA 7 (a) program. The DFP loans will be made through SBA lenders for titled inventory. The program will run through September 2010, at which time the SBA will make a determination of whether or not to extend the program.

"MRAA is very excited about the decision of the SBA and the White House to allow federal government loan guarantees for many boat dealers. The program goes into effect on July 1, but we recommend dealers learn as much as possible and apply early for the guarantees. This program is badly needed in our industry and will help many dealers at a critical time," said Ed Lofgren, MRAA Chairman.

MRAA asks dealers to thank the President for supporting our industry and approving the SBA proposal. Go to www.whitehouse.gov and click on the "Contact Us" button, enter the required information, and simply write a brief thank you note.