Thursday, June 18, 2009

SBA to join banks, boat dealers

"The U.S. Small Business Administration will guarantee 90 percent of loans issued by community banks for the purposes of floor planning inventories for sports boat dealerships, Gary Potter, vice president of EZ Loader Trailers Inc., said Wednesday.

Potter said the $35-billion-a-year sport boat industry has been brought to a near standstill by 18 consecutive months of recession, erratic gasoline prices and a credit crisis that has left most boat dealers without an affordable way to finance new boat inventories. The SBA offer may change some of that if the process can move quickly enough, he said."

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