504 Refinance Support Gains Momentum in House and Senate

February 21, 2014

By Bob Coleman
Editor, Coleman Report

Bob Coleman: The refinance is in the House, tell us where you see that process.

Beth Solomon: We continue to build support for it. It’s a smart bi-partisan mechanism that leaders on both sides of the aisle are embracing. We have a new chairman of the House Small Business Committee coming in in the next cycle, Representative Chabot out of Cincinatti, OH. He is a devoted supporter of it. We expect the inaction on the House side to really change with a new chairmanship.

Bob Coleman: Are you optimistic about 504 refi being put in at some point in time?

Beth Solomon: Yes we are, it really has momentum. It’s in the President’s budget, the SBA Administrator is supporting it. SBA has not really done a whole lot about it. The incoming Chairwoman of the Senate Small Business Committee, Maria Cantwell of Washington, asked about debt refi right off the bat. It sends a signal to the new administrator that the Senate is very serious about it. Senator Cantwell has told us this is a top priority.