CHICAGO – The National Marine Bankers Association (NMBA) has released a new review of marine lending that looks at the recession’s impact on the boating and finance markets, the group reported this week.
The 16-page document, titled “A Fresh Look at Marine Lending,” focuses on the need to replace funding by lenders who remain in the market as well as others looking for opportunity to attract upscale borrowers and support surviving marine businesses. Click here to read the complete marine lending document.
“We are starting to see a slight opening in the availability of consumer credit and want to position marine lending as a primary place for funds to flow,” NMBA President Karen Trostle said in a statement. “This new review is designed for lenders to take to boardrooms to help get recreational boating consumer and inventory loans in their strategic plans. It can also be shared with community and other bankers to remind them of the opportunity to attract high-quality borrowers and assist local small businesses.”
NMBA is delivering the updated information to current and prospective lenders and asking the industry to help spread the word. One goal is to set up roundtables to bring together local or regional lenders with marine business representatives to underscore industry needs and how lenders can address and profit from them. Marine trade associations and major manufacturers are being encouraged to host events where NMBA will produce the program to have lender-to-lender dialogue. For information on hosting a roundtable, groups can contact Trostle.
Guided by the NMBA Marketing Committee headed by Peggy Bodenreider of Maritime Capital Group of Ft. Lauderdale, Fla., the industry update was written by marine F&I consultant and columnist Greg Proteau. The first distribution of the update will be during the American Boating Congress in Washington to underscore the lending needs of the industry to lawmakers and finance agency personnel. After that, it will be made available to lenders attending the Consumer Banker Association’s Retail Credit Convention in Ft. Lauderdale.