WASHINGTON — The National Marine Manufacturers Association sent an update to members this week on the Small Business Administration’s Dealer Floorplan Pilot initiative.
Earlier this month, NMMA President Thom Dammrich and other NMMA staff met with the Republican and Democratic staff of the Senate Committee on Small Business and Entrepreneurship as well as officials at the Treasury Department.
One result of those meetings was a letter from Senators Mary Landrieu (D-LA) and Olympia Snowe (R-ME) to SBA Administrator Karen Mills, which encourages SBA to extend the initiative from one to three years, increase its outreach to the lending community to spur lender participation and eliminate the existing restriction on “Less Experienced Floor Plan Lenders” in order to broaden the program’s reach.
The letter is available here.
“The NMMA extends its thanks to Senators Landrieu and Snowe for their efforts to improve what we believe to be a strong but underutilized program,” the group said in its update. “We continue to seek solutions to the marine credit problem and will keep you updated on those efforts.”