MRAA working with SBA, NADCO on lending solutions
WASHINGTON — The Marine Retailers Association of America is working with the federal Small Business Administration and the National Association of Development Companies to help marine retailers take full advantage of the economic stimulus, the MRAA said this week.
“MRAA has opened a dialogue with the SBA and NADCO to discuss the SBA 504 loan program, to ask that the amount of a SBA 504 loan be increased and the small business qualifications be increased,” MRAA Chairman Ed Lofgren said in a release. “However, we believe this is an excellent federal loan program that boat dealers should know about and look into for capital acquisitions and improvement.”
SBA 504 financing allows small businesses with a net worth of less than $8.5 million and profit after taxes of less than $3 million to purchase commercial real estate or make capital improvements to existing property with a down payment of only 10 percent and a 20-year loan up to $1.5 million ($2 million for a minority-owned business) with a current 4.3 percent fixed interest rate, according to MRAA. SBA 504 loans can’t be used for working capital, mortgage broker fees, bridge or interim loans during construction, business inventory or rolling stock.
For complete details about SBA 504 financing, go to nadco.org.
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