Congress passes small business legislation

WASHINGTON — The National Marine Manufacturers Association applauded the passage Thursday of HR 5297, the Small Business Jobs and Credit Act of 2010. The legislation will extend the Small Business Administration’s (SBA) Dealer Floor Plan (DFP) Program for marine and other product dealers to 2013 from its current expiration date later this month, raise loan caps from $2 million to $5 million, and enable a 100 percent advance rate.

NMMA has worked closely with House and Senate offices, the White House, and Treasury Department officials since early this year on the SBA DFP provisions. In June, NMMA President Thom Dammrich appeared before the Senate Small Business Committee urging inclusion of these provisions in the final legislation.

“An expanded and enhanced SBA DFP Program will more effectively serve those already participating while allowing other businesses the opportunity to take advantage of what it has to offer,” NMMA President Thom Dammrich said in a statement. “Congress has now provided a great deal of certainty with this program, and we strongly encourage lenders to utilize this important program to get credit flowing again to responsible marine companies throughout the United States.”

The legislation will now go to the president’s desk to be signed into law.

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