Wednesday, March 12, 2014
NextGen GA Fund Adds Banking Partners
[Avionics Today March 12, 2014] The NextGen GA Fund has formed two new partnership agreements with Pilot Bank and Madison Capital, LLC to help General Aviation aircraft owners afford necessary NextGen avionics upgrades.
Created by the authorization of federal loan guarantees for NextGen equipage by Congress in the FAA Reauthorization Act of 2012, the fund provides financing assistance for WAAS-capable GPS, ADS-B In, ADS-B Out, RNAV/RNP avionics, data communications, flat-panel displays, antennas, electronic components and instrument panel modifications.
“We know that tens of thousands of GA aircraft will need to equip to ensure their uninterrupted access to U.S.-controlled airspace as of January 1, 2020. Because of the limited number of FAA-certified installation facilities, the NextGen GA Fund is here to incentivize equipage now so that all GA aircraft will have the opportunity to install the required NextGen upgrades before the FAA deadline," said Russ Chew, general partner of the NextGen GA Fund.