Marine lenders plan Grow Boating contributions

NASHVILLE, Tenn. - A National Marine Bankers Association task force is recommending members contribute $250,000 to $300,000 annually to the industry's Grow Boating initiative, according to a statement from the NMBA Monday. The contributions would come from individual lenders based on the size and number of loans originated and supplemented by a donation from the association. Don Parkhurst, NMBA president, explained the plan during opening comments at the organization’s annual conference Sept. 12.

The task force has proposed that each lender contribute based on the number of marine loans they originate each year: 50 cents for each loan under $100,000 and $1 per loan for those over $100,000. NMBA would then match the total contributions of its members at 5 percent of what they gave, not to exceed $10,000.

"We feel this is fair to both lenders that tend to have a higher volume of smaller loans and those with lower volume, but concentrated on larger loans," Parkhurst said.

NMBA contributed $10,000 to the Grow Boating Initiative Start-Up Fund last year and members have contributed nearly $200,000 in addition.

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