SBA Revising Floorplan Lending Program

Soundings Trade Only, a publication for the Marine Industry reports that the Small Business Administration (SBA) is developing a revised Dealer Floorplan Program to replace the expired pilot program. The news came to the paper from the National Marine Manufacturers Association (NMMA). According to the report, the NMMA and other industry leaders hosted a conference call with more than 30 lenders to inform them that a new program with improved terms is being prepared by the SBA. The SBA also hosted a conference call to discuss concerns with the pilot program and is working to have a new program completed in early 2011. On September 27, President Obama signed into law legislation (H.R. 5297), which extends through Fiscal Year 2013 the Dealer Floor Plan Financing Pilot program, which provides a 60-75 percent guarantee on credit lines of between $500,000 and $5 million for the financing of inventory, including manufactured homes.

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