The outdoor recreation sliver of the economy has found renewed interest at the federal level, with legislators in both chambers of Congress turning their attention to the industry. Recently, both the House and Senate have been focused on revitalizing outdoor recreation. Some recent legislative efforts include:
- A House Committee on Small Business hearing exploring the role small businesses play in the nation’s overall recreational infrastructure;
- A Senate Energy and Natural Resources Committee hearing examining opportunities to improve access, infrastructure, and permitting for outdoor recreation;
- The passage of a Senate spending bill that would increase federal investment in outdoor recreation opportunities throughout the nation;
- And, finally, the passage of several House conservation bills that would positively impact the outdoor recreation industry.
Impact of the Outdoor Recreation Economy
The U.S. outdoor recreation industry has a gross annual output of nearly $778 billion, according to the Outdoor Recreation Roundtable. In fact, this sector in the U.S. currently employs nearly 5.2 million people. At the state level, the outdoor recreation industry plays a significant role in the overall economy. In Florida alone, the industry accounts for $42.2 billion in value-added revenue, amounting to nearly 503,000 jobs.
It’s no wonder, then, that legislators on both sides of the aisle continue to show great interest in this sector.
Recently, a bipartisan effort to create the first-ever Recreation Package was proposed in the Senate. The Recreation Package would bundle key outdoor recreation legislation into one bill, further advancing the impact of these measures. Additionally, a recent amendment launched a study of federal recreation spending, which may result in future outdoor recreation investments.
Recreational Financing
The renewed legislative interest in the outdoor recreation market has positive implications for small and large businesses alike. However, many Americans — nearly 56 percent, according to ‘Prosperity Now’ — have little to no access to financing based on poor credit.
That’s where Medallion Bank can help.
Medallion Bank, a national leader in the recreation lending industry, works with franchised and independent marine dealers, RV dealers, and other outdoor recreation dealers throughout the U.S. to offer non-prime recreation loans to customers. As one of the nation’s most reputable lenders, we work directly with dealers to help them finance their customer purchases and close more deals.
Medallion Bank non-prime recreation loans:
- Can be offered to customers with past credit challenges, including those with bankruptcies, collections, and judgments
- Offer competitive terms and loan advances
- Provide fast funding to support dealer sales
- Come without hidden costs or fees to our dealer clients
If you are a current RV dealer, boat dealer, or financial service provider looking to present non-prime financing options to your clients, contact us today.