The Small Business Administration
(SBA) pilot loan program aimed at increasing access to inventory
financing for RV and other vehicle dealers is now
available.
For SBA's DFP
website, click
here.
The Small Business Jobs Act of
2010 included a provision for continuing the Dealer Floor Plan (DFP)
Pilot Loan program, which 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.
“We are pleased that SBA is
moving forward with the program and that the maximum size for floor plan
loans is now $5 million,” said RVDA President Mike Molino.
“RVDA worked with the agency on a number of ideas to improve the
program. We look forward to reviewing the new rules and providing
useful information to members interested in exploring SBA
loans.”
SBA said that borrowers interested in
obtaining a DFP loan should contact their lender or their nearest SBA
field office to get a list of SBA-approved lenders in their area who may
be participating in the program. Local district offices and
contact information, as well as information on this and other SBA
programs and resources, can be found at www.sba.gov or by calling
the SBA Answer Desk at 1-800-U-ASK-SBA.
MORE SBA RESOURCES
Fact
Sheet on SBA Floor Plan Program (source: SBA)
More details from SBA on the program, including frequently asked
questions for dealers and lenders
Gateway
to SBA Loan Program
Information for dealers on all SBA loan programs.
Links to SBA
Regional Offices
SBA offices in your area can provide further guidance and information
SBA loans..
