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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe federal government will offer
guaranteed lines of credit to automobile, boat, recreational vehicle
and other dealerships under a pilot program through the Small Business
Administration.
SBA Administrator Karen Mills said the Dealer Floor
Plan financing program will be available July 1 through Sept. 30,
2010, and will offer dealerships a way “to get through these tough
economic times by allowing them to keep their inventory and cash flow
intact.”
Mills announced the new program today during a visit to Kokomo.
Floor
plan financing is a line of credit that allows dealers to borrow
against their inventory, and then repay that debt as they sell their
inventory or borrow against the line of credit again to add new
inventory.
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