Responding to the nationwide economic downturn facilitated by the ongoing credit crisis; Congresswoman Chellie Pingree (D-1st –ME), Congressman Tom Petri (R-6th-WI), Congressman Pete Hoekstra (R-2nd-MI), Congressman Vernon Ehlers (R-3rd-MI), Congressman Walter Jones (R-3rd-NC), Congressman Mark Souder (R-3rd-IN), Congressman Kendrick Meek (D-17th-FL), Congressman Michael Michaud (D-2nd-ME), Congresswoman Candice Miller (R-10th-MI), Congressman Michael Arcuri (D-24th NY), Congressman Christopher Carney (D-10th-PA), Congressman Joe Donnelly (D-2nd-IN), Congressman Ron Klein (D-22nd-FL), Congresswoman Donna Edwards (D-4th-MD) and Congresswoman Lynn Jenkins (R-2nd-KS) sent a letter to the SBA Administrator, Karen Mills to applaud the Small Business Administration’s recent decision to increase the size standards on businesses eligibility to apply for lending assistance.

As Members of Congress with businesses in their districts that rely on access to capital for wholesale financing, including manufactured housing, marine, motor vehicle, recreation vehicle, trailer, and other industries, the Members of Congress wished to underscore the importance of an effective program within the SBA to improve the lending environment for wholesale or inventory financing. For manufacturers and their dealers, any economic recovery will be paced by the availability of floorplan financing.

MHI, along with its broad-based coalition will continue to advocate for improved liquidity in floorplan financing. We will continue to closely monitor this issue and keep members apprised of any new developments.