Bank Lender News

Loan Options for the Marine Industry

As we launch into 2014, the domestic waterfront continues to fire on all pistons; boatbuilding, charter rates, utilization of tonnage, and so much more. That kind of momentum, however, requires funding to sustain. For smaller operators in need of capital to grow and/or maintain their fleets, sourcing those funds can be tricky. Fortunately – and unlike the Department of Transportation’s Maritime Administration’s Title XI Federal Ship Financing Program of the last few years – the U.S. Small Business Administration and the U.S. Department of Agriculture actually have the funding to make and guarantee loans for the U.S. commercial marine industry.