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The US government's Term Asset-Based Securities Lending Facility (TALF), which was designed to free up to US$1 trillion worth of credit, will now include marine floorplan financing. The inclusion was hailed as a "victory" for the marine industry.

Last night's decision by the US Treasury and Federal Reserve comes after a conference call by NMMA and other industry leaders last week to senior government officials to urge them to include marine floorplanning in the second round of TALF. The NMMA also led an initiative that resulted in over 13,000 emails being sent to Congress about the necessity to free up credit for boat dealers.

"The decision to include floorplan loans in TALF is a significant victory for marine manufacturers and dealers," said NMMA president Thom Dammrich in a statement. "The thousands of calls and emails sent to lawmakers in Washington, DC leading up to this announcement is a strong testament to the power of our industry's collective voice."

But seeing results on the dealer showroom could take some time, Dammrich told IBI earlier in the week. Credit liquidity continues to remain a problem, said Dammrich, and lending remains constrained by market forces. Congressional members have been working with NMMA to secure relief for marine floorplan financing, and Dammrich said the trade association will continue to work with its allies on Capitol Hill on economic relief measures.