MRAA is pleased to announce that President Obama has just proposed to raise the maximum loan size for SBA Microloans from $35,000 to $50,000. As a reminder, the Microloan program can be used for working capital to help small businesses continue to operate in these hard times and to make it through the challenges of the recession.

The increase in the loan limit, as proposed by the President, must now be approved by Congress. MRAA will work with other key retail and manufacturer organizations and Congress to enhance passage of the President's proposals.

"The SBA Microloan program is a good program for struggling small businesses. It usually has a loan interest rate typically about 8-9% and can be structured to be repaid in 5-6 years. Go to the SBA web site at www.sba.gov for complete guidance on how to apply. But, the important aspect of the Microloan is it can be used for working capital to help pay expenses. As we go into a winter boat show season, we understand these funds can be used to pay for exhibit costs. It is vital that boat dealers make every attempt to attend these winter shows, and SBA Microloans may help," said Ed Lofgren, MRAA Chairman.

MRAA also wants to remind dealers that the SBA ARC loan program provides interest free loans to small businesses experiencing immediate financial hardship of up to $35,000 for up to 5-years for working capital and company expenses of doing business, including exhibitor fees for boat shows. Information for eligibility for ARC loans can be obtained by going to the SBA web site at www.sba.gov