By aggregating demand through one entity, the risk to the capital providers and servicers is reduced by providing industry focused underwriting standards with the opportunity of lending to a larger group with similar needs to minimize investment risk. In return, the capital providers will be attracted by more opportunity but will now have to compete against other sources for each member opportunity.
By participating in MMH & RVCA Specialty Finance Organization (SFO) programs, the Association members would benefit in the following ways over time:
More choices of capital sources to the Association members
The Association will profit from aggregating its members which helps support the financial stability of the Association
Most competitive cost of capital
Saves time by working with a single, Association sponsored and dedicated financial resource for all debt & equity requirements
The following document directly addresses the most common member questions regarding the Specialty Finance Organization, its structure and functions, activities, services, and member benefits.
(Alternative Investment Resources, LLC)
MMH & RVCA Frequently Asked Questions
From the member presentation in Novi, it appears our new for Profit Corporation may look similar to a Credit Union. Is that true? What are the benefits for my business and me?
ANSWER: Yes, the one of the benchmarks analyzed when developing the,”for profit”SFO is based on the credit union structure. The structure is similar in that the SFO is geared to meet the needs of the members but unlike a Credit Union, the SFO will be 1) solely focused on the Association member capital needs, not other industries, and will not be regulated as a credit union thus allowing for more flexibility in the product offering and decision making.
Will there be dealer flooring planning for both new and used RV’s? Can campgrounds participate, say for selling Park Models? Will there be recourse?
ANSWER: While floor planning capital will be offered through the SFO, the exact terms and conditions will be based on the credit quality of the borrower, therefore recourse may or may not be required. Related to campground owners wishing to sell Park Models, the SFO will look to design & implement a capital solution to meet that need.
How will this program address building upgrades in my business, parking lots, new wells, electrical meters, etc.?
ANSWER: Based on the exact type of upgrades needed, either the Business Capital or Real Estate Capital product offerings will address these types of operational requirements.
Why should the Association invest our member’s funds to develop this new for-profit entity?
ANSWER: While the Association does intend to contribute some funds to help “seed” the SFO, the majority (90%) of the capital required will come from outside investors. Specifically, members will have the opportunity to invest if they so desire. More importantly, the Association will receive a share of the profits from the success of the SFO whether they were required to invest, or not; keeping these profits within the industry and Association is a benefit never before experienced by the Association and its members.
SPECIAL NOTE TO MEMBERSHIP
We will be sharing with you additional questions that our members will be submitting in future Industry Insights newsletters. If you have a question, please email it to bnelson@mmhrvca.org.
Long Time MARVAC RV Dealer Passes Away
William “Dave” Vicars, founder of Vicars Trailer Sales in Taylor, MI passed away suddenly on Monday, November 18, 2013. He leaves behind his wife of 60 years, Barbara and daughters Sherry, Vicky and Sandy. Vicars Trailer Sales has been a member of MARVAC since January of 1970. There will be a visitation period on Monday, November 25, 2013 from 10 am to 12 noon. A memorial service will begin at 12 noon at the Michigan Memorial Funeral Home, 30895 W Huron River Drive, Flat Rock, MI 48134.
MARVAC Campground / Holiday Luncheon
MARVAC Campground Meeting / Holiday Luncheon
December 11, 2013
10:00 a.m. – 2:30 p.m.
MARVAC Office – 2222 Association Dr. Okemos, MI 48864
$25.00 – Lunch provided
The following topics will be discussed:
Affordable Care Act Update – Bonnie Bochniak, MBPA
Finding Financing Alternatives – Jack Brusewitz, Great Lakes Capital
Legislative Update – Bill Wortz, Public Affairs Associates
“Ask the DEQ” – Paul Sisson, Michigan Department of Environmental Quality
Forecasting Weather Emergencies – WILX Meteorologist (Invited)
Association Update – Association Staff
Roundtables and Cookies – Industry Peer Discussions
Please fax, email, or mail in your registration form by December 6th.
Email: bnelson@mmhrvca.org
Fax: (517) 349-3543
Mail: MARVAC, 2222 Association Dr. Okemos, MI 48864
Campground Brochures Needed!
MARVAC Campground Members:
As we get ready to host the final Camper & RV Show for 2013 and begin ramping up for the 2014 season, we are asking all member campgrounds to send us any additional brochures that you may have available. If you are redoing your brochures for 2014, please send us some as they become available. We want to ensure that we can adequately display all of our member campgrounds to the consumers at all of our shows. Please contact Bill Shefferbsheffer@mmhrvca.org or Darren Ing ding@mmhrvca.org or call the Association office to check the status of your brochures. Thank you!
Groundwater Sodium/Chloride Limit Legislation Awaiting Governor’s Signature
A bill that would amend Part 31 (Water Resources Protection) of the Natural Resources and Environmental Protection Act to prohibit the DEQ from establishing or enforcing a limitation for sodium or chloride in a groundwater discharge permit that was more restrictive than 400 milligrams (mg) of sodium per liter or 500 mg of chloride per liter, notwithstanding any other provision in the Act of rules promulgated under it. Additionally, the DEQ could not establish or enforce a limitation for sodium or chloride in groundwater that was more restrictive than 230 mg of sodium per liter or 250 mg of chloride per liter.
Several members of MARVAC and its sister association, MMHA have sewage treatment plants and sewer systems that this legislation may apply to. For further information one can link to the following Michigan Legislature website:http://www.legislature.mi.gov/documents/2013-2014/billanalysis/Senate/pdf/2013-SFA-4768-F.pdf
HARVEST Scholarship Applications
The HARVEST Education Foundation is a non-profit education foundation created by the Michigan Manufactured Housing, Recreation Vehicle and Campground Association in 1991. In 2013, the Self Storage Association of Michigan was added to the HARVEST family.
HARVEST establishes educational programs and opportunities for students who wish to make a career in the RV and campground, manufactured housing or self-storage industry. In some cases, HARVEST will award scholarships to students even though their career goals may not lead them back to these industries. In cases like these, awards will be made to outstanding scholars or students with compelling needs.
Since the foundation’s inception, HARVEST has granted $274,350 in university and college scholarships to 526 students. In addition, HARVEST has been the recipient of numerous research/study grants from the University of Michigan, Michigan State University and the Traffic Safety Association of Michigan. The foundation also coordinates short-term education seminars and meetings for association members.
HARVEST is a nonprofit 501(c)(3) corporation and receives 100 percent tax-deductible gifts from individuals and corporations. It also accepts grants from other nonprofit organizations and state and federal agencies. To donate to this foundation, or to participate in an upcoming fundraiser, please contact Brandy Nelson at 517.349.3300.
All Seasons Communications, the association’s marketing agency, manages the HARVEST scholarship program. To obtain a scholarship application or inquire about requirements, please call 586.752.6066.
2014-2015 Scholarship Application is now available. Deadline to submit is March 28, 2014.
Association Holiday Schedule
The Association Office will be closed the following days :
November 28 & 29 – Thanksgiving
December 24 & 25 – Christmas Eve & Christmas
December 31 & January 1 – New Year’s Eve and New Year’s
RECRUIT A NEW MEMBER!
As a member, you understand the value of MARVAC membership. Spread the word with your contacts and peers in the industry, and help expand our association. A growing MARVAC means greater recognition for the industry, more resources to support member programs, and a stronger voice when advocating issues with state and national legislative members. Click here to download a membership application.
