Commercial Real Estate and Economic Development Act (CREED Act). The bill will help small businesses expand their access to capital by extending the Small Business Administration’s 504 Loan Refinancing Program for five years.
Small businesses account for two out of every three new jobs created. Which means that the best way to cement the gains of the still fragile economic recovery is to put more capital in the hands of those job creators. And that is exactly what this bill will do. While small businesses continue to face challenges with unreasonable real estate loans, this bill allows businesses to take advantage of low interest rates by refinancing existing loans and locking in long-term, fixed-rate financing so that they can create jobs and boost economic growth. All at zero cost to the taxpayers!