The federal Small Business Administration has completed a check list and guaranty application submission instructions for applying for a 7 (a) loan needed for boat floor plans. The SBA expects Lenders to maintain a complete file, including copies of all SBA forms. In addition, the SBA reminds applicants to ensure the application is complete when it is submitted.

MRAA expects more financial institutions will begin to look into the SBA 7 (a) loan guarantee program for floor plan financing, as the application process becomes established and banks become comfortable with the new program. The latest SBA instructions are dated July, 2009, but slight revisions are probable in the future.

The instruction sheet contains specific guidelines for Dealer Floor Plan 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. Download it in PDF format HERE.

As a reminder, applicants must first find a participating bank or financial institution. The loan officer at that bank will be able to assist in this process, but your review of these instructions and check list will greatly help your understanding of the loan application process. If you have any questions, the SBA advises boat dealers to call the local SBA field office, 916-735-1986, or email your questions to the SBA at This e-mail address is being protected from spam bots, you need JavaScript enabled to view it .