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Tell Congress: CREED Act Will Create Jobs

Posted By Claire O'Rourke, Thursday, January 30, 2014

By Claire O’Rourke, NADCO Director of Government Relations & Grassroots Campaigns

On yesterday's legislative update call, we discussed some of the bills in Congress which could impact NADCO members.  Right now the main legislation is the CREED Act,  S. 289 in the Senate and H.R. 1240 in the House.  This is the bill reinstituting debt refi in years where the program subsidy is zero.  This bill was introduced in both chambers early last year.

The Senate has since been drafting a new debt refi bill which is much more extensive and deals with program fee restructure as well.  The Senate Small Business Committee staff is still working to refine that language so it has yet to be introduced as a bill.  This broader draft was the language that was almost  included in the omnibus government funding bill two weeks ago, though that was ultimately an unsuccessful push.  Because that new language is not formal legislation yet, we are still asking Members of Congress to sign on to the CREED Act as their way of showing support for debt refi and the 504 program.

As the Senate continues to tweak its draft, we look forward to action by the House, hopefullythis spring, on legislation impacting the Real Estate Advantage (REAL 504) Loan program, including debt refi. Few details are known on that but NADCO continues to actively engage with the House Committee and reiterate the importance of debt refi.

Outside of that legislative work, the President will be releasing his budget on March 4 (during the NADCO GR conference!) which will discuss any program subsidy that the REAL 504 program may need and maybe even include debt refi if we’re fortunate.  The appropriations legislation that is drafted as a result of that budget will be the other major legislation that could impact NADCO members but it won't be clear what that may look like until after the budget is released. 

What can NADCO members do between the Government Relations conference and now? Call, write, and schedule a visit your Members of Congress for March 5. Share with them your success stories and ask them to cosponsor the CREED Act as a way of showing support for their CDCs and small businesses in their districts. If you're not sure who your members are, please follow these links below (NOTE: use the GR website language and links on finding members).  There are not many bills moving in Congress these days, but the CREED Act is an easy, pro-small business, pro-jobs "Yes" vote. Let’s remind Congress: Small business lending creates jobs!

Claire O'Rourke

Director, Government Relations & Grassroots Campaigns

National Association of Development Companies (NADCO)

Phone: (202) 349-0070

Direct/Mobile: (703) 407-0365

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