Since the beginning of the year, I’ve been saying that we’re going to see a decrease in small business loans this year, likely in the 20 to 30 percent range. The primary reason for my gloomy outlook is that both the SBA 504 Refinance and FMLP programs expired last September. In my video blog on April 4th, I mentioned several changes that have been proposed by the SBA that might offset the potential decline this year, but something even better has gained momentum since then.
Senator Mary Landrieu has introduced a bill that will effectively repeal the expiration of the SBA 504 refinance provision, making it possible for small business owners to again refinance their commercial real estate with longer-term, below-market, fixed interest rates provided by the 504 program. It’s called the CREED Act, and it’s working its way through Congress with bipartisan support. This could be a very big deal for small business owners nationwide, and I’d like to ask for your support.
If you can spare 60 seconds, I’d like you to send an email to your representatives in Congress. Here’s something you can copy and paste (I’ll tell you where to paste it in just a second):
RE: Please Support the CREED Act (S.289/H.R.1240)
I’m writing to kindly ask for your support of the CREED Act that has been introduced by Sen. Mary Landrieu and Congresswoman Judy Chu. This legislation will reinstate a debt refinance program for small businesses that was allowed to expire last September, just as it was gaining momentum. It’s a budget-neutral program that will allow small business owners to create and retain jobs. Before its expiration last year, over 2,700 small business owners availed themselves of this opportunity, but only $2.5 billion of the $15 billion authorized for the program were used.
Given the fiscal challenges and high unemployment our nation is facing, the CREED Act is a sensible, budget-neutral (no-cost) measure that every member of Congress should support. It’s imperative that Congress enact this legislation to help small businesses continue providing jobs to grow our economy.
Please copy the above text and then go here to send an email to Congress. After you type your zip code in the box, you’ll be able to paste your text and then preview the email before sending. For even greater impact, there’s an option to send an actual letter for a small fee if you’re so inclined.
Again, this shouldn’t take more than 60 seconds to complete, and it’ll go a long way toward helping this bill become law. Especially if you share this with a few other folks — just send them a link to this blog so they can hound their representatives, too. The more noise we make, the better.
Thanks for reading and sharing, and thanks for you continued support of our nation’s small business owners.
Dedicated to Your Continued Success,