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SBA 504 Refi Update From NADCO’s Government Relations Conference 2014

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March 4, 2014

By Bob Coleman
Editor, Coleman Report

ClaireORourkeI spoke with Claire O’Rourke, NADCO’s Director of Government Relations & Grassroots Campaigns, about a 504 refi update.

Bob Coleman: Congratulations you’ve been with NADCO for two months, you came over from the Senate, Senator Landrieu’s staff. Welcome to our niche. You had a very important point this morning, you said, “Don’t assume that Congressmen/Congresswomen and their staff know what you talking about as you launch into your talking points.” I was thinking perhaps that makes sense for our corner of the world. Give us a 504 debt refi 101 and some bullet points in case lenders need to lobby their representatives.

Claire O’Rourke: We’re talking about Small Business owners being able to take their existing debt in their owner occupied real estate and refinance it. It allows them to save, in some cases, tens of thousands of dollars each month in interest. They are required to take that savings from the re-finance money and re-invest it back into the business.

Bob Coleman: This legislation is budget neutral?

Claire O’Rourke: It is.

Bob Coleman: Also it was allocated by Congress for 24 months and we only had it for 13 months.

Claire O’Rourke: Yes, it took so long to implement that it didn’t get it’s full due. When they shut it down we had over $1 Billion waiting to be approved.

Bob Coleman: So tell us what is going to happen, in your crystal ball are we going to get this done?

Claire O’Rourke: I think we will. Everyone loves small business. If it goes to the House it’s bi-partisan. It’s going to require some work, we talked about that this morning that only 1/2 of 1% of the bill is being introduced to Congress so it requires a lot of planning but I think we can do it.

Bob Coleman: What did you do on the Hill?

Claire O’Rourke: I worked for Senator Landrieu’s Small Business Committee Staff. I did the budget appropriations for them and some trade work.

Bob Coleman: Now, why is it important for everyone to come to Washington?

Claire O’Rourke: Everyone needs to come to Washington because their story is the story their representatives need to hear.

Bob Coleman: What I enjoy is that the staff really wants to know the people from their district. That’s who they focus on. The constituents take over the conversation.

Claire O’Rourke: Alwasy, 100% of the time. That’s who they like to hear from. The constituents have the stories of their local restaurant, their local real estate companies that use 504. They want to know the story because they eat there.

Bob Coleman: Well Claire, congratulations, welcome to NADCO, welcome to our world.

Claire O’Rourke: Thanks

Watch the Interview Here

 

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