Credit unions and other lenders looking to increase access to inventory financing for auto, boat, RV and other dealerships will be able to do so again through the relaunch of an SBA pilot loan program.
The Small Business Jobs Act of 2010 included a provision for relaunching the SBA's Dealer Floor Plan Pilot Loan program, which first became available in July 2009 and was made available again Feb. 8, according to the SBA. The pilot is part of the SBA's overall 7(a) loan guarantee program. The Jobs Act also increased the maximum size for 7(a) loans to $5 million, up from $2 million, which includes loans made through the DFP pilot program.
"Dealerships are a cornerstone of local business communities," said SBA Deputy Administrator Marie Johns. "As we continue to see our economy recover, the re-launch of this pilot provides another tool, alongside SBA's other programs, to help them succeed and create jobs in their local communities."
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