Financing a big boat is a long-term investment, and the government is banking on a steady stream of boat loan applications to keep the economy humming.
The government announced Wednesday that it has begun to ramp up the big boat lending program, giving lenders a new option to extend loans to new big-rigs.
That program, which includes a $1 million federal grant, has been in place since early 2018.
It allows a new boat owner to get a new big rig loan up to $1.5 million.
It’s available to owners of up to four big rigs, with an option for five-person crews.
The big boat program has a number of new requirements, including that the boats be built in the United States and meet a certain level of safety and reliability.
The government also wants new big rigs to have an overall design quality of 70 percent or better.