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WASHINGTON — The federal Small Business Administration has completed a check list and guaranty application submission instructions for applying for a 7 (a) loan needed for boat floor plans, the Marine Retailers Association of America said in an alert to members this week.
The instruction sheet contains specific guidelines for Dealer Floor Plan applications. For example, SBA Form 4, Form 4-1, and Form 4, Schedule A are specifically identified and must be completed in the loan process. The instructions are available from the MRAA site here.
“As a reminder, applicants must first find a participating bank or financial institution,” MRAA said in the release. “The loan officer at that bank will be able to assist in this process, but your review of these instructions and check list will greatly help your understanding of the loan application process.”
The SBA expects lenders to maintain a complete file, including copies of all SBA forms. In addition, the SBA reminds applicants to ensure the application is complete when it is submitted.
MRAA said it expects more financial institutions will begin to look into the SBA 7 (a) loan guarantee program for floor plan financing as the application process becomes established and banks become comfortable with the new program. The latest SBA instructions are dated July 2009, but slight revisions are probable in the future.
Questions may be directed to the SBA field office, 916-735-1986, or e-mailed to the SBA at 7aquestions@sba.gov.
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