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This webpage most recently updated on February 2, 2016.



Debt Refi Now Law


A permanent 504 debt refinancing program is now law. It was included in the omnibus bill passed by Congress in Dec. 2015 (P.L. 114-113). Many years of hard work by NADCO and our members went into this successful moment. It was a wonderful way to end the year.

There are still many months until the refi program can be used. During NADCO’s Annual Meeting, SBA estimated it would take a minimum of 4-6 months to issue the regulations and the forms needed to start the debt refi program again. Congress has added several additional restrictions on this iteration of refi. SBA will need to carefully analyze these changes, as well as reexamine the last refi program before issuing new regulations on this topic. NADCO is already working with SBA to help move this process along quickly, but particularly because this program is now permanent, it is imperative to get these regulations right.

Thank you to all NADCO members who worked so hard to bring debt refi back. The letters, calls, stories, and trips to DC each made a difference and slowly penetrated the traditional inertia of Congress. Today’s success is a valuable reminder of the power of our economic development message and the strength of our industry when we work together. 



CREED Act: Overview

Thank you to all the industries and members of Congress who supported debt refi, particularly through the CREED Act (S. 966, H.R. 2266). 

Organizations Endorsing CREED

American Bankers Association (ABA)
Association of Women’s Business Centers (AWBC)
California Association for Micro Enterprise Opportunity (CAMEO)
Consumer Bankers Association (CBA)

Independant Community Bankers of America (ICBA)
National Small Business Association (NSBA)
Small Business Association of New England (SBANE)
Small Business Majority
U.S. Chamber of Commerce
Women Impacting Public Policy (WIPP)


114th Congress CREED Cosponsors

Cosponsors of S.966
Sen. Kelly Ayotte (R-NH)
Sen. Maria Cantwell (D-WA)

Sen. Bob Casey (D-PA)
Sen. Chris Coons (D-DE)
Sen. Deb Fischer (R-NE)

Sen. Al Franken (D-MN)
Sen. Mazie Hirono (D-HI)
Sen. Johnny Isakson (R-GA)*
Sen. Jeanne Shaheen (D-NH)*

*Lead cosponsor

Cosponsors of H.R.2266
Rep. Alma Adams (D-NC-12)
Rep. Ami Bera (D-CA-07)
Rep. Cheri Bustos (D-IL-17)
Rep. Kathy Castor (D-FL-14)
Rep. Judy Chu (D-CA-27)*
Rep. Yvette Clarke (D-NY-09)

Rep. John Duncan (R-TN-02)
Rep. Keith Ellison (D-MN-05)

Rep. Sam Farr (D-CA-20)
Rep. Marcia L. Fudge (D-OH-11)
Rep. Luis V. Gutierrez (D-IL-04)
Rep. Alcee L. Hastings (D-FL-20)
Rep. Janice Hahn (D-CA-44)
Rep. Jared Huffman (D-CA-2)
Rep. Michael Honda (D-CA-17)
Rep. Brenda Lawrence (D-MI-14)
Rep. David Loebsack (D-IA-02)
Rep. Grace Meng (D-NY-06)
Rep. Seth Moulton (D-MA-06)
Rep. Donald Payne Jr. (D-NJ-10)
Rep. Lucille Roybal-Allard (D-CA-40)
Rep. Adam Schiff (D-CA-28)
Rep. Krysten Sinema (D-AZ-09)
Rep. Eric Swalwell (D-CA-15)
Rep. Mark Takai (D-HI-1)

Rep. Mark Takano (D-CA-41)

Rep. Norma Torres (D-CA-25)
Rep. Niki Tsongas (D-MA-03)
Rep. Marc Veasey (D-TX-33)
*Lead sponsor


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