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SBA 504 Refi Redux
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The CREED Act will reinstate the SBA 504 Refinance provision

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.

I’ve posted a list of frequently asked questions about the CREED Act here if you’d like to get more acquainted with the proposed legislation.

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,


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  1. Anil Patidar says:

    Thank you for the loan.

  2. Carl H. Bohn says:

    Is there such a thing as a reverse mtg.. that is not a rip off in terms of fees and cost ???… I would like to look at one just to cover mtg ..don’t need the cash or pay for it at those fees and other charges..

  3. Charles Alexander says:

    Have you ever inquired of private investors to supplement the 504 programs your group provides???

  4. Scott Campbell says:

    Hi Chris, thanks for all you are doing.

  5. Subhash Angra says:

    Thanks for e-mail and SBA Info.

  6. Nikunj Ringwala says:

    Thanks for information.
    I couldn’t match 1.4 ratio of income / expence after 2009-2012. My bank is asking me to sell my investment in
    @ 50 % purchsed price which is 4.5million dollar.
    I hohe this could help me.
    Thank you.

  7. Butch Henderson says:

    Small businesses need this to get thru congress

    • Chris Hurn says:

      Agreed, Butch. Thanks for your efforts!

      • Jay says:

        Any update on the Creed Act? June 14,2013

  8. Hugh Dugan says:

    I sent the letter to the Reps in my area of California…

    Keep up the good work and I will also be reaching out to you about future business I would like to send your way.

    • Chris Hurn says:

      Great! Thanks.

  9. Vinny Muratore says:

    Just wanted to say hi. I hope to be in town next week, will let you know. Be well and regards to all.

    • Chris Hurn says:

      Thanks, Vinny. See you soon!

  10. Yaling Chen says:

    I strongly support 504 refinancing.

    • Chris Hurn says:

      Thank you!

  11. Steve Hall says:

    I will give it my support.

    • Chris Hurn says:


  12. Robert Barr says:

    Done. Thanks for taking the lead!

    • Chris Hurn says:

      Thanks, Robert!

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