Mar 2, 2011

GE Capital, Formula Boats Renew Floorplan Financing Agreement

GE Capital’s Commercial Distribution Finance business announced a renewed agreement with Porter, Inc. to provide floorplan financing options for dealers purchasing its Formula Boat brands.

“As one of the premier boat builders in the world, we are pleased to offer GE’s financing program to our family of Formula dealers. We have been working with GE Capital for over 20 years as we value their commitment to the marine industry and their financing expertise,” said Scott Porter, Porter’s president. “In addition, they provide valuable market knowledge and data to help our dealers manage their businesses through market fluctuations.”

“Our relationship with leading boat brands like Formula is very important to us,” said Bruce Van Wagoner, president of CDF’s marine group. “We are pleased to be able to provide a customized financial solution to Formula’s dealers, and we are looking forward to continuing our long relationship with the Formula team.”

Porter Inc., maker of Formula Boats, has a 55-year legacy of producing boats ranging in length from 24 feet to 45 feet and are manufactured in Decatur, Ind.

GE Capital, Commercial Distribution Finance provided more than $30 billion in financing in 2010 to 30,000 manufacturers and their distributors across the Americas. Programs include inventory and accounts receivable financing, asset-based lending, private label financing, collateral management, e-commerce services and related financial products. For more information, visit www.americas.gecapital.com or follow company news via Twitter (@GEInventoryFin).