House Small Business Leaders Announce Support of SBA 504 Refinance

March 19, 2013

NADCO continues to gain traction in Congress in its fight to get the SBA 504 refinance ball rolling again.

The latest supporters in the House include Wisconsin Republican Tom Petri and California Democrat Judy Chu. They join Georgia Republican Johnny Isakson and Democrats Mary Landrieu and Jeanne Shaheen, who have co-sponsored the bill in the Senate.

ABOUT THE CREED ACT

The Commercial Real Estate and Economic Development (CREED) Act, a zero-cost deft refinance program administered by the Small Business Administration, was originally enacted as part of the Small Business Jobs Act of 2010, enabling over 2700 businesses to refinance nearly $7 billion in old, expensive debt during a short trial period. During that time, nearly 2700 business were able to unleash capital locked in their real estate that was reinvested into their businesses to create and sustain jobs. The measure literally saved thousands of businesses in communities across the country during the recession, helping them accelerate the economic recovery.

Senator Mary L. Landrieu (D-LA), Chair of the Senate Committee on Small Business and Entrepreneurship, and Senator Jeanne Shaheen (D-N.H.), a senior member of the Committee introduced a five-year extension could offer capital access to over 250,000 additional businesses across the country, saving them up to $20,000 per month. Sen. Johnny Isakson (R-GA) is a co-sponsor.

Source: NADCO