Restore the SBA Refi Program ? Pass the CREED Act
: In an effort to bring the SBA 504 refinance program back to small businesses, we have started a petition to congress.
Show your support to for the CREED Act. The senate sponsors of this legislation say that: ?Extending the 504 refi program is a common-sense way to help small businesses and create jobs without costing taxpayers a single penny. The program, which is completely separate from SBA?s traditional 504 program, is zero-subsidy, requiring no cost to the taxpayer: It will be funded entirely through additional fees assessed for refinancing projects.? We agree that the restoration of the Low-Interest Refinancing Provision of the Small Business Act of 1958 would strengthen the already successful SBA 504 loan program. A five year extension, as proposed under the CREED Act, would help provide affordable access to capital to thousands of small businesses. Allowing small businesses to refinance with SBA 504 loans at lower fixed rates and to cash out a portion of their equity promotes much needed job growth. During the original SBA 504 refinance program (released under the Small Business Jobs Act of 2010) more than 2,400 small businesses refinanced over $2.2 billion in a mere 7 months.
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