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The Small Business Administration has a new dealer floor plan pilot program under its 7(a) loan program, and credit unions are eligible to participate.

Under theprogram, qualifying credit unions may be able to help local dealers finance their inventory through SBA-guaranteed loans.

The program features a 75 percent SBA guarantee of a floor plan line of credit from $500,000 and $5 million to eligible dealers of new and used titleable inventory. This includes, among other things, automobiles, motorcycles, boats and boat trailers, recreational vehicles and manufactured housing (mobile homes).

The program opened Wednesday and is set to continue through Sept. 30, 2013. SBA is meanwhile taking comments from the public on the program through March 11