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SBA relaunches loan program for dealerships


The U.S. Small Business Administration (SBA) has relaunched its Dealer Floor Plan Pilot Loan program, which is intended to help vehicle dealerships finance increases in their automobile, boat and recreational vehicle inventories. The program, which is part of the SBA’s overall 7(a) loan guarantee program and is available to all SBA-approved lenders, was originally launched in July 2009. A provision in the Small Business Jobs Act of 2010 increased the maximum loan size to $5 million from $2 million. The program is available to businesses with at least $15 million in net worth and $5 million in net income, as measured over a two-year period. For more information, go to www.sba.gov.

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