The Small Business Administration (SBA) has issued the first marine loan under its Dealer Floor Plan pilot program. Tennessee-based Cleveland Boat Center finalized its loan with SBA lender Citizens National Bank of Athens, Tenn.
More than 20 businesses have been approved for SBA Dealer Floor Plan loans. Marine businesses in Michigan and New Jersey have loans that are pending. The program offers government guaranteed loans to finance investors for eligible boat, auto and RV dealerships. The programs ends on Sept. 30, with the possibility of the program being extended.