MRAA supports amendment tied to SBA floorplan program

Published online: Jul 12, 2010 News Trade Only Today
Viewed 482 time(s)
 

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.

You May Also Be Interested In...

April 15, 2015

Houseboat Travels To Puerto Rico For New Christian Bale Movie

A 1960s River Queen houseboat is making the exciting trip to Puerto Rico to take part in a 20th Century Fox film called "The Deep Blue Good-by," starring Christian Bale.
April 08, 2015

A Beautiful And Tragic Show Of Love

In a brave display of courage and love, 74-year-old Everett McGowin dove into the swift, cold waters of the Fraser River near Vancouver, Canada, in an effort to save his wife...
April 03, 2015

66 Days At Sea

After being lost at seafor 66 days, Louis Jordan has been rescued 200 miles off the coast of South Carolina.
April 01, 2015

California Fishing-License Purchases Are Dropping

If fishing is your game, you might want to take the luring call of California lakes with a grain of salt.
March 30, 2015

The Mini Bike Is Back!

The Downtube Mini Shimano Nexus 8SP Folding Bike has answered the call of demand and is back on the market!
Follow us on Facebook!   Follow us on Instagram!   Follow us on Pinterest!   Follow us on YouTube!