WASHINGTON — The government’s Term Asset-Backed Securities Loan Facility, or TALF, is a positive for the marine industry, according to Bruce Van Wagoner, GE Commercial Distribution Finance Marine Group President.
“The TALF funding is positive news for the marine industry, as it will help to bring added liquidity to the capital markets that serve this constituency,” Van Wagoner told Boating Industry. “Our Marine business will use funds in line with its size and presence in GE Capital, CDF’s portfolio.
“This is the first time we have participated in TALF using floorplan financing receivables, and we are excited about the added capital this helps bring to the industry.”
Van Wagoner also emphasized that TALF is different from the Troubled Asset Relief Program (TARP) or the Temporary Liquidity Guarantee Program (TLGP), and GE Capital is not making government-subsidized profits by participating in TALF.
TALF is a federal loan program to enable investors to purchase notes backed by asset-backed securities in order support the credit needs of consumers and small businesses.