New SBA 7a DFP Launches February 9, 2011

The Small Business Administration has re-launched its new version 2.0 version of the Dealer Floor Plan (DFP) Program originally piloted in July, 2009 for marine and other dealerships who use and need floor plan financing. The updated 7a DFP program now extends until September 30, 2013, raises the loan maximum from $2 million to $5 million and provides a loan guarantee of 75% on floor plan lines of credit with a 100% advance rate.

Please help our industry and get involved! If you are a lender, take a good look at this program. It has improved operational qualities and designed for success and your profitability. If you are a service company or other marine industry associate, please discuss 7a DFP with your lender friends and let them know of the new opportunity.

For a complete guide of the new 7a DFP program, visit: http://www.sba.gov/content/dealer-floor-plan-financing-program-o.