The Marine Retailers Association of America recently sent a letter to Sen. Mary Landrieu, a Louisiana Democrat and chair of the Senate Committee on Small Business and Entrepreneurship, saying it "strongly supports" and asks for prompt consideration of a floor amendment to H.R. 5297, the Small Business Lending Fund Act.
The amendment would raise the loan cap from $2 million to $5 million in the SBA's dealer floorplan program and would extend the program to 2013. Also included is a 100 percent advance rate for boat dealers, the MRAA said.
"The amendment, identified as Senate Amendment 4412, will go a long way in restoring credit to our members, which in a large degree has been greatly reduced, if not eliminated, during the industry downturn of the last two years," MRAA chairman Ed Lofgren said in a statement.
The MRAA believes expansion of the program is critical for boat dealers in this economic climate.
"The lack of funding from traditional sources for floorplan financing has been one of our greatest challenges for our members," MRAA president Phil Keeter said in a statement.