Print Page   |   Contact Us   |   Your Cart   |   Sign In   |   Register
Community Search
Legislative Update
Share |

Omnibus Appropriations Bill Passed through FY 2014


January 17, 2014

Pending votes in the next hour, the following report from Director of Government Relations & Grassroots Campaigns Claire O’Rourke and Tom Cator will be distributed to the membership tomorrow:


The House and the Senate last night passed an omnibus appropriations bill that funds the federal government through FY 2014. The President will sign it to enact it into law by the end of the week. That bill contains the full $107 million in subsidy relief needed for the Real Estate Advantage (504) Loan program. As a result, program fees will remain as it is (it will not increase) for this fiscal year unless Congress (both bodies) passes the Debt Refinancing measure backed by Sens. Mary Landrieu (D-LA) and Jim Risch (R-ID). NADCO continues to work on the Debt Refinance issue. In the immediate future, we look forward to the release of the President’s FY 2015 budget submission in February that will give us insight into the REAL 504 program’s portfolio performance.

There will also be a nomination hearing and full Senate vote on the new SBA Administrator nominee, Maria Contreras-Sweet. NADCO participated in the President’s announcement of Contreras-Sweet’s nominations yesterday at the White House and will continue to participate in and closely monitor the nomination process.


Finally, Chair Landrieu will be leaving her Small Business Committee chairmanship, most likely in February, to become Chair of the Senate Energy and Natural Resources Committee. Senator Maria Cantwell (D-WA) will likely be the new Small Business Committee Chair. NADCO is already communicating with her staff about our legislative priorities.


Please contact Claire at corouke@nadco.org or myself if you have questions.

Thank you for your leadership and support.

Sincerely,

Beth


Thank you for your leadership and support.

Sincerely,

Beth





CEO Report: Legislative Update


January 9, 2014

Dear NADCO Members,

With Congress back in Washington and beginning a new year of work, this NADCO update summarizes the latest legislative activity affecting CDCs and the Real Estate Advantage Loan (REAL 504) program.

While the situation remains fluid, it now appears Congress will not meet its self-imposed deadline and pass an omnibus spending bill by January 15. That spending bill is supposed to implement the December budget agreement reached by the House and Senate. Instead, it appears Congress will pass another short-term Continuing Resolution (CR), which means our program will continue to receive a federal subsidy (with no fee increases) until sometime in February when the CR expires and when perhaps an omnibus spending bill will have been agreed to.

 

The inaction on an omnibus spending bill also means debt refinancing will not happen any time soon. Senate Small Business Committee Chairman and Ranking Member, Senators Mary Landrieu (D-LA) and Jim Risch (R-ID), and NADCO, pushed hard to get our debt refinancing language into the Senate version of the omnibus spending bill. We succeeded in doing so. They then pushed the House to accept the debt refinancing measure. Senator Risch’ staff had a meeting with the House Small Business Committee staff and several discussions with them, as did NADCO.

Yesterday, Chair Landrieu was attempting to reach out to Minority Leader Nance Pelosi (D-NY) and House Small Business Committee Chair Sam Graves (R-MO)on the issue. And, NADCO met with the staff of House appropriations subcommittee Chairman Ander Crenshaw (R-FL) to urge House acceptance of our language. However, House Small Business Committee Chair Graves and Ranking Minority Member Velazquez objected to the inclusion of our language and their opposition killed the effort. That means we have to find another way to get debt refinancing (with the associated new fee structure) enacted.


There is a silver lining in these clouds. NADCO has met with Chairman Graves’s staff and they now say they want to work with us on a new debt refinancing bill. A potential House Small Business Subcommittee hearing on the issue is expected. We have already begun working on this new process as discussed with us by House staff. We will keep you apprised of developments. As always, should you have any questions please contact NADCO and we will provide as clear an answer as is possible.

Many thanks,

Beth




CEO Report - Legislative Update


December 16, 2013

Dear NADCO Members,

To follow please find an update from our government affairs team on recent legislative progressregarding debt refinance:

NADCO last week concluded hours of discussion with Senate Small Business Committee staff, answering questions related to proposed statutory debt refinancing language drafted by Senate Legislative Counsel. Senate Counsel used NADCO’s draft language to aid in drafting the version for the Small Business Committee. Now that questions regarding Counsel’s draft have been addressed, the language will be finalized by Senate Legislative Counsel. We should see that language within the week and will review it during the Christmas break.

Meanwhile, discussions have begun with Senate appropriators to include the debt refinancing language in the Continuing Resolution (CR) Congress is expected to pass by January 15, 2014. The CR will implement the budget agreement passed by the House that is also expected to pass the Senate this week. Assuming Senate appropriators are willing to include the debt refinance language in the CR, and NADCO believes they are willing to do so, we should know by January 14, 2014 whether the House will agree with the language. If there is no agreement by either Senate appropriators or the House with including debt refinancing in the CR, Senate Small Business Committee Chair Sen. Mary Landrieu’s (D-LA) position is that the existing 504 program subsidy will remain in place through FY 2014.
Finally, assuming permanent debt refinancing becomes law, to facilitate its speedy implementation, NADCO and Senate staff will be meeting with SBA this week to discuss it. The outstanding questions is whether the agency believes it can simply use the existing debt refinancing regulations to implement the new language or whether the changes in that language (to meet House of Representatives concerns about the terminated debt refi program) necessitate the agency drafting new regulations to implement the language.

The situation is obviously very fluid with many challenges ahead of us to secure implementation of debt refinancing and returning to a zero subsidy rate. We will do our best to keep you informed of key developments as they happen.

Sincere thanks to Tom and the NADCO Legislative Affairs Committee Chair Debbie Partin, and thank you all for your leadership and support.

Sincerely,

Beth




A Letter from NADCO's Chairperson Sally Robertson & Debbie Partin Vice Chair of Legislative Affairs


November 15, 2013

Dear NADCO Members,

During our regional meetings in Sedona and Clearwater, preliminary details of pending legislation were shared with our members. To ensure that all members are informed with as much clarity as possible, below is a synopsis of events and the proposal.

As you know, due to the financial crisis and the Great Recession, in 2009 the SBA 504 program suffered so many defaults that the program required a federal subsidy to stay afloat. SBA requested funding for an "anomaly event,” i.e. emergency subsidy funding for one year.

When it became clear that the need for a subsidy would continue beyond one year due to continuing poor performance of the 504 portfolio, Congress made it clear to SBA and NADCO that the program’s need for a taxpayer subsidy put it in serious jeopardy. Rather than continue the subsidy, there was pressure from some in Congress to impose a fee structure that could be draconian and very damaging to all CDCs. To prevent this dire scenario, the NADCO Board of Directors and a strategic task force of CDC members led by Chair Jean Wojtowicz developed a contingency plan to get to zero subsidy through a self-imposed fee structure that would be less onerous to us than what might be developed by Congressional staff or others who might lack deep knowledge of CDCs and our day-to-day realities.

The Board did not publicize the existence of the contingency fee proposal due to the risk that Congress would immediately cancel the subsidy and impose fees if the industry was known to have developed a fee proposal.

Our strategy succeeded. Congress continued to fund the subsidy – obviating the need for CDCs to pay extra fees to compensate the government for defaulted loans.

This year (FY 2014), there is a divergence in the performance of the 504 and 7(a) loan portfolios. Because of higher fees and better performance, the 7(a) program has returned to zero subsidy. In fact, it is producing a surplus, generating income for the government. Meanwhile, the 504 program needed the same $108 million taxpayer subsidy required the previous year.

The 504’s continued poor portfolio performance and need for taxpayer subsidy has drawn heightened Congressional scrutiny. While we have continuously supplied information on portfolio performance and liquidation processes, the primary concern of Congress has been reducing current federal spending. Many members of Congress are no longer willing to accept this continued "anomaly” funding of the program.

Sen. Jim Risch (R-ID), Ranking Member of the Senate Small Business Committee, reiterated the point as recently as Nov. 6 at the NAGGL Annual Conference in Palm Springs, CA.

He said, "It is no secret that I believe in cutting government spending due to the stunning and perilous financial condition of this country. We cannot continue to borrow billions – yes, I said billions – as we do every single day to pay our bills. I believe that we must be meticulous in evaluating funding for all Federal government programs.”

He added, "Both the SBA 7(a) and 504 programs have experienced years where they operated at zero subsidy, and it is my belief that in order to sustain their viability they must remain at zero subsidy, or very close to zero subsidy, in light of America’s tenuous financial position. Small business lending provides a lifeline to businesses but given the budget environment facing our country we can’t afford subsidizing every program.” Read the full text of Sen. Risch’s remarks below.

Sen. Risch’s views are shared by many Congressional leaders, and his support for 504 is essential. Like Sen. Risch, however, legislators’ patience with subsidizing our program appears to be running out. Even the Appropriations Committee staff responsible for SBA and for giving us the subsidy dollars have said this practice cannot continue.

Meanwhile, NADCO has continued to push for debt refinancing. As a result of NADCO’s advocacy, the President’s FY2013 budget included a one-year extension of debt refinance legislation. Sen. Mary Landrieu (D-LA), Chairman of the Senate Small Business Committee, introduced the CREED Act, calling for a temporary extension of the provision. Sen. Risch proposed reinstating debt refinance permanently provided the 504 program retuned to zero taxpayer subsidy. If this proposal, which was passed by the Senate Small Business Committee, becomes law, fees would be imposed on CDCs to cover the subsidy until zero subsidy is reached, AND debt refinance would be reinstated as a permanent program.
About the Fee Proposal

Because of the way the subsidy rate is calculated (for all federal credit programs, not just the 504 Real Estate Advantage Loan program), there are limited ways to offset a federal subsidy with fees.

For example, returning part of the processing fee to the federal government has only a marginal subsidy rate impact because it is a one-time fee. In order to eliminate the subsidy, the bulk of the fees imposed need to be an annual fee on the portfolio balance. The borrower fees are considered off limits by Congress. Increasing the borrower fee above .9375 is unacceptable.

The only other annual fee option is the servicing fee. For loans approved after the enactment of the proposed legislation, CDCs currently charging a servicing fee of less than 1% (most charge .625) can increase this up to 26 basis points (and return that money to the federal government) as long as the total servicing fee remains 1% or less. Only those CDCs charging a full 1% servicing fee who cannot increase this fee or those CDCs in an extremely competitive market may be affected by the increase in servicing fees returned to the government . As the subsidy rate comes down (as is expected when the FY15 budget proposal is released based on improved portfolio performance), the increased servicing fee component would be reduced or eliminated FIRST.

Congress, in comparing 7(a) and 504 portfolio performance, is also concerned that CDCs have no risk or "skin in the game.” The perception is, banks risk capital with every 7(a) loan while CDCs have no financial risk and are instead rewarded with fee income for making poor lending decisions. This widespread perception has resulted in the consensus that 504 should be "reformed.” Once again, the NADCO Board developed proposals rather than have Congress develop them for us (building on the initial contingency fee plan), knowing that, to succeed, the proposal had to be meaningful. We proposed that CDCs pay back their processing fees on loans that default (are repurchased by SBA) in the first three years. The CDC would have three years to repay the fee. A three-year period was chosen due to the extended deferral and catch-up periods available. A number of suggestions have been received including stepping down the amount over the three year period, and we are looking at all suggestions. Concern has been expressed that CDCs would be required to capitalize all processing fees for the first three years by their CPAs. We have had conversations with several CPAs whose recommended treatment is to establish a reserve based on the CDCs default rate (available on your SBA portal report). For the first three years after enactment, CDCs would see an impact to their P&L, but the impact should not be material depending on your default rate.

If your CDC generates $10 million in net new debentures resulting in $150,000 in total processing fees, and your default is 3%, your first year reserve entry would generate an accrued expense offset by a reserve of $4,500.00. That same entry would be made over the next two years (presuming loan volume remained the same) with adjustments for actual loan defaults resulting in fees to be repaid. Once the three year mark is reached, the reserve is simply adjusted for new loans less loans no longer subject to fee recapture and actual losses.

The NADCO Board shares your concerns that economic development deals and start-ups in particular may be impacted by this proposal. Keep in mind that if you complete the transaction and then must pay back the fee, you are at the same place as if you didn’t do the deal at all (or perhaps the CDC received some servicing fees during the time the loan was on the books).

The final fee proposal is to share the processing fees on larger debentures. When we first began discussions, the larger debenture was new and the revenue from it was a "boon.” Many of us are seeing an increase in larger loans and are budgeting for a larger average size loan as a result. Nonetheless, we would have to raise the servicing fee give back several more basis points to achieve zero subsidy, and the intention was to balance the proposal as much as possible for all CDCs.

It is important to emphasize that the fees would only be imposed on loans that are approved AND closed after the effective date of the legislation.

That said, none of us wants to impose fees on our own CDCs or others. Instead, we believe this is the least onerous of scenarios none of us would choose if we had an option.

While the 7(a) program is now producing a SURPLUS for the federal government, the comparison between the two programs’ performance is not good for us--and it is public information as part of the President’s budget submission. This is yet another reason the NADCO Board of Directors believes we must take immediate and decisive action to preserve the 504 program and our industry. The industry cannot afford a shutdown of the 504 program should Congress decide to remove the subsidy.

Our hope and belief is that the President’s FY 2015 budget submitted to Congress early next year will reflect significant improvement in our portfolio. If so, then the new fees being discussed will only be fully in effect for a maximum of eight months starting in January.

In the long run, the reinstatement of debt refinance will offer CDCs very significant financial opportunity – a gamechanger for our industry – that can more than compensate for the short-term fees needed to return to zero subsidy. With or without debt refinance, however, our industry was facing a forced or voluntary return to zero subsidy.

Our entire country faces serious fiscal challenges, as became obvious last month in the budget and debt ceiling debates, which led to the shutdown of our government for three weeks. Industries which receive federal subsidies will have more difficulty—not less—maintaining those subsidies in the future. Not addressing this challenge directly and on our terms would have been a severe leadership failure by the NADCO Board of Directors. We are asking for your support and assistance as we face this unprecedented, yet surmountable, challenge—and opportunity—for our industry.

Thank you for your leadership and support.

Sincerely,

Sally Robertson
Chairman

Debbie Partin
Vice Chair for Legislative Affairs



Senate Small Business Ranking Member Says 504 Must Return to Zero Subsidy



Photo courtesy of Kurt Chilcott

NAGGL Conference
Senator James E. Risch
November 6, 2013

I want to thank Tony Wilkinson and all the staff of NAGGL for asking me to speak here today. In February 2013 I was proud to take the Ranking Member position on the Senate Small Business and Entrepreneurship Committee, and since then, I have been very excited about my involvement and the platform I have as Ranking Member relating to many of the programs that affect the country’s small business health.

My family and I are long time small business owners. I am personally committed to ensuring that small businesses are well equipped to succeed in today’s economy. My number one priority in my role on the Small Business Committee is to provide certainty and stability for small businesses. Unfortunately over many years, and particularly in recent years, small businesses have seen a government aggressively issuing new mandates and regulations that unfairly fall on small business shoulders at a time our country needs small business more than ever.

Small businesses are no small matter, numerically consisting of 99.7 percent of all employers - employing over half of our private sector workforce - and creating two thirds of all new jobs. That is why in most cases, Congress and the bureaucracy should step back and let businesses do what they do best. I am a strong believer that the American people
can do what government cannot.

In my first few months as Ranking Member, my number of meeting requests went up dramatically, with groups interested in creating, expanding, or reauthorizing current SBA programs. Anyone who knows my background knows I have what I believe is a healthy skepticism of Federal government operations. I’m sure some people were not excited about the prospect of convincing me - the person National Journal rated the Senate’s most conservative Senator, to reauthorize any government program.

It is no secret that I believe in cutting government spending due to the stunning and perilous financial condition of this country. We cannot continue to borrow billions – yes, I said billions – as we do
every single day to pay our bills. I believe that we must be meticulous in evaluating funding for all Federal government programs. That being said, there are successful programs at the SBA that are providing businesses with the capital and tools to succeed in an increasingly competitive world market and that produce profits and thus produce more tax revenue without undue risk to taxpayers. When programs meet that standard and show a track record of success, such as the SBA lending programs, our goal should be to make them sustainable and minimize the exposure to the taxpayer.


For example, the 504 refinance program is just such a program. I met with small businesses, bankers, and individuals seeking to reauthorize the refinance program. I had to answer to the people of Idaho and America how the 504 program is performing and at what cost to the taxpayers. By all accounts, the 504 program has excelled at helping small enterprises retain employees, expand, and run basic operations.

Needless to say there are differing opinions and approaches on our Committee on how to fund programs at the SBA. Senator Landrieu
had introduced legislation to extend the 504 refinance pilot program for five more years, but I did not believe that truly answered the most pressing problem facing the lending portfolio. Both the SBA 7a and 504 programs have experienced years where they operated at zero subsidy, and it is my belief that in order to sustain their viability they must remain at zero subsidy, or very close to zero subsidy, in light of America’s tenuous financial position. Small business lending provides a lifeline to businesses but given the budget environment facing our country we can’t afford subsidizing every program.

 


 


For this reason, I offered and our Committee was able to unanimously pass a legislative compromise to make the 504 refinance program not just extended but permanent, however only in years where the program operates at zero subsidy. Moving forward I will continue to work to keep these lending programs at no cost to the taxpayer and ensure the SBA provides much needed and very popular lending options for our nation’s small businesses which are in everyone’s best interest.

Now I know all of you focus on the 7a lending program and your association has a prominent voice with the Small Business Committee when it comes to the health of the 7a program. I give the story of the 504 refinance compromise and our ongoing work on that program as an example of how streamlined and fiscally responsible I believe our lending programs can and should operate. As you all know, the 7a program is now operating on zero subsidy for the first time since the financial collapse. That is music to my ears and tells me more about how successful you are at what you do every day for small businesses than how the SBA is operating. We all know that ultimately it is all of you that have to make the tough call on whether a business is stable enough for a 7a loan - on how to lead that business in the direction of maintaining a healthy payment schedule - and perhaps even how to nurse that business back to health if they have trouble with a payment. I am honored to give all of you the recognition you deserve as the day to day warriors of the 7a program.

This is not to say there are not some proposed changes to the 7a program coming down the pike that warrant our attention. Just two weeks ago, on October 17, the day the government lending resumed in the wake of the shutdown, the SBA put the annual fee on lenders at zero, in other words waiving the fee on all of you, for any 7a loan of $150,000 or less in an attempt to bolster small dollar loans. It remains to be seen if this will encourage smaller loans or whether SBA would be better off putting those dollars into reducing fees across the board for all loan amounts. I know there are proposals that would affect the work you do and I look forward to reviewing them but more importantly getting your input. The 7a program supported more than $15.1 billion in capital to small businesses in 2012—and we will all be paying close attention to this program in the coming months.

Since all of you analyze businesses to determine credit worthiness I am sure that you understand the importance of the financial fights going on in Washington these days. While I believe the way the negotiations held over the past month during the shutdown were disappointing and the plan that ultimately passed only kicks the can down the road again, I believe it is absolutely necessary that we continue to press to end our spending addiction. I sincerely hope that we do not face the same inability to compromise in January and I am cautiously optimistic that will not happen. While I couldn’t support these short term band-aids, I do understand how our lending programs are affected by the shutdown and I am closely monitoring how the SBA is getting back on track so that we can mitigate those weeks lost and provide our small businesses the capital we offer to them and on which many depend.

America’s small business owners face a daunting environment that is volatile at best. I want to thank each one of you and the National Association of Government Guaranteed Lenders for all that you do to support small businesses and I truly look forward to working with all of you in the future.




Nevada Roundtable


Nevada Businesses Call for Small Business Debt Refi Measure



Caption: Herman Eminger, former Lt. Gov. Lorraine Hunt-Bono, NADCO's Beth Solomon, NSDC's Debbie Alexandre, and SBA District Director Ed Cadena at The Bootlegger Bistro owned by Hunt-Bono, a 504 debt refi borrower.

November 6, 2013

Former Nevada Lt. Gov. Lorraine Hunt-Bono urged Nevada congressional leaders to support reinstating the popular SBA Real Estate Advantage (504) Loan Debt Refinance program at a Small Business Lending Roundtable at her restaurant The Bootlegger Bistro Wednesday. The event was attended by business leaders, SBA officials, and a representative of Sen. Harry Reid's (D-NV) office.


Hunt-Bono, a Republican who served two terms, said the "debt refinance" program, to be reinstated if a bipartisan proposal known as the CREED Act in Congress becomes law, saved her family-owned business $10,000 per month by enabling it to refinance old, expensive debt.

"Debt refinance allows people and small businesses to help themselves. That's the fundamental tenant of our country and our economy," Hunt-Bono said. "It's their money, their equity."

Herman Eminger of The Windsor Group said the program enabled a physician in his building to save on rent money, expand into new space, and create four new jobs because of a $6,000 per month savings due to debt refi.
Debbie Alexandre, President of Nevada State Development Corp. (NSDC) which facilitated the refinancings, noted that the Las Vegas unemployment rate has hovered over 9.5 percent -- over 25% higher than the national rate. Meanwhile, NSDC has created nearly 20,000 jobs, including 1382 through the debt refinance program.

"We have a waiting list of small businesses that need the capital that a refinance could provide if the program were reinstated and made permanent," Alexandre said.

"Small businesses need capital now," said Hunt-Bono. "They create 60 to 70 percent of new jobs in this country. We need to urge the Nevada congressional delegation to support the CREED Act."

SBA officials including District Director Ed Cardenas attended the event. "This is very educational," he said.



Release


Congressional Support For Debt-Refinance Continues To Grow

Washington, DC – In the wake of the recent shutdown of the federal government and in the midst of a weak economic recovery, support for a smart, bipartisan initiative that will give growing small businesses the capital they need to expand their operation and create jobs is increasing on Capitol Hill.

Congressman Brad Schneider (IL-10) and Congresswoman Betty McCollum (MN-04) are the latest cosponsors of the Commercial Real Estate and Economic Development (CREED) Act, which would extend the Small Business Administration's (SBA) Real Estate Advantage Loan (REAL) debt-refinancing for five years.

"The CREED Act is a bipartisan, zero-cost bill that is a proven vehicle for helping small businesses all across the country," said Beth Solomon, the President & CEO of the National Association of Development Companies (NADCO). "For policymakers looking for smart, public-private partnerships that empower job creators, this bill is a no-brainer."

The CREED Act was originally enacted as part of the Small Business Jobs Act of 2010 and enabled small business owners to refinance existing commercial mortgages, lowering their monthly mortgage payments to take advantage of historically low interest rates and funded entirely through fees assessed for refinancing projects. In Fiscal Year 2012, the last year of the program, more than 2,700 small businesses benefited from refinancing, unlocking $2.5 billion.

The measure, which expired on September 27, 2012, literally saved thousands of businesses in communities across the country during the recession, helping them accelerate the economic recovery. The five-year extension could offer capital access to more than 250,000 additional businesses across the country, saving them up to $20,000 per month.


"We applaud Members of Congress who are committed to real solutions that will help working families and small businesses in their communities," Solomon said. "We are grateful for Congressman Schneider and Congresswoman McCollum's leadership on this important issue and look forward to working with them to bring our economy back to full strength and create the jobs our communities need."

ABOUT THE CREED ACT


The Commercial Real Estate and Economic Development (CREED) Act, a zero-cost deft refinance program administered by the Small Business Administration, was originally enacted as part of the Small Business Jobs Act of 2010, enabling more than 2,700 businesses to unleash $2.5 billion locked in their real estate that was reinvested into their businesses to create and sustain jobs. The measure literally saved thousands of businesses in communities across the country during the recession, helping them accelerate the economic recovery.

Senator Mary L. Landrieu (D-LA), Chair of the Senate Committee on Small Business and Entrepreneurship, and Senator Jeanne Shaheen (D-N.H.), a senior member of the Committee introduced a five-year extension could offer capital access to over 250,000 additional businesses across the country, saving them up to $20,000 per month. Sen. Johnny Isakson (R-GA) is a co-sponsor.

Congresswoman Judy Chu (D-CA) has introduced the House version of the CREED Act (H.R. 1240), along with Congressman Tom Petri (R-WI).


ABOUT THE CREED ACT

The Commercial Real Estate and Economic Development (CREED) Act, a zero-cost deft refinance program administered by the Small Business Administration, was originally enacted as part of the Small Business Jobs Act of 2010, enabling more than 2,700 businesses to unleash $2.5 billion locked in their real estate that was reinvested into their businesses to create and sustain jobs. The measure literally saved thousands of businesses in communities across the country during the recession, helping them accelerate the economic recovery.

Senator Mary L. Landrieu (D-LA), Chair of the Senate Committee on Small Business and Entrepreneurship, and Senator Jeanne Shaheen (D-N.H.), a senior member of the Committee introduced a five-year extension could offer capital access to over 250,000 additional businesses across the country, saving them up to $20,000 per month. Sen. Johnny Isakson (R-GA) is a co-sponsor.

Congresswoman Judy Chu (D-CA) has introduced the House version of the CREED Act (H.R. 1240), along with Congressman Tom Petri (R-WI).




News

Regional SBA Chief Holds Event in Waterville

Associated Press, October 23, 2013

WATERVILLE, Maine (AP) | October 23, 2013 The regional SBA chief is returning to his home state for an event.
SBA Regional Administrator Seth Goodall is visiting a Little Caesars Pizza in Waterville, Maine that’s owned by a disabled veteran who purchased the business with SBA loans. Goodall, a former state lawmaker in Maine, is using the event on Wednesday to tout the SBA’s new no-guarantee-fee initiative for loans under $150,000. The SBA also plans to release its year-end loan figures.


Pushing ‘Government Shutdown Loans’ to Gridlocked Businesses

Bloomberg, October 15, 2013
The government shutdown has likely stalled more than $100 million a day in loans backed by the SBA. There’s also evidence that banks pulled back on other types of small business loans.
Lenders say they’re doing their best to help small business owners caught in the impasse.Some borrowers using the SBA’s 504 loan program have put down cash on real estate deals, says Don Mercer, who heads SBA lending at San Francisco-based Bank of the West, but find themselves waiting on financing as the purchase date approaches.

NADCO Chair, Sally Robertson, Testifies in U.S. Senate


Hearing: Small Businesses Speak: Surviving the Government Shutdown?


Senate Committee on Small Business & Entrepreneurship, October 15, 2013
Business Finance Group President & CEO Sally Robertson, who also serves as NADCO’s chair, testified before the Senate Small Business & Entrepreneurship Committee on the impact the federal government shutdown is having on small businesses.
Business Finance Group is the largest non-profit CDC in the region, providing financing to small businesses in Maryland, Virginia, the District of Columbia, and four West Virginia counties under the SBA Real Estate Advantage Loan (REAL) program (504 Loan program). BFG helped more than 2,800 small businesses finance $3.2 billion in projects resulting in the creation of over 31,000 jobs. View the hearing online.




View older stories.




Congress needs to hear directly from NADCO members and our borrowers. Send a letter to Congress today!

Correspondence Samples and Templates


Find your representatives in the U.S. House of Representatives or the U.S. Senate.



CREED Act: Support Letter --U.S. Chamber of CommerceCREED Act: Letter to Sam Graves, House Small Business Committee | Editable Template by NADCO, International Franchise Association, National Small Business Assoc., National Association of Women Business OwnersWrite a letter!
CREED Act: Template Letter Customizable Document | PDF
more Calendar

1/1/2016 » 12/31/2016
NADCO Credit Risk Institute I: Introduction to Financial Statements

1/1/2016 » 12/31/2016
NADCO Liquidation Suite: Module 1 - The Liquidation Decision

VetLoan Advantage

Online Surveys


 ADDRESS CONTACT FORM
PHONE
WHO TO CONTACT
1725 Desales St. NW, Suite 504
Washington, DC 20036

CLICK HERE to submit a general inquiry to be forwarded to the appropriate individual on-staff.
(202) 349-0070

Ext.14 Claire O'Rourke
Ext. 16 Rhonda Pointon
Ext. 17 Denise Ripley
Ext. 18 Mandy Robertson
Ext. 19 Heather McNelis


View staff information
View Board information

Search for members/CDCs

View Congressional leadership information


Association Management Software Powered by YourMembership  ::  Legal