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cdcs

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  10. '14

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Occurrences in the Congressional Record

Entry Title Date
Statements On Introduced Bills And Joint Resolutions April 25, 2012
Olympia Snowe, R-ME
"A number of small businesses utilize 504 loans as long-term, fixed-rate financing used to acquire fixed assets for expansion or modernization. These 504 loans are made available through Certified Development Companies, CDCs, SBA’s community based partners for providing 504 loans. The 504 loan program offers small businesses both immediate and long-term benefits, so business owners can focus on growing their business. These benefits include 90 percent financing, longer loan amortizations, no balloon payments, fixed-rate interest rates, and savings that result in improved cash flow for small businesses."
Small Business Financing And Investment Act Of 2009 October 29, 2009
Kurt Schrader, D-OR
"That is why passage of H.R. 3854 is so critical to create jobs and build our economy right now. It increases the maximum loan sizes for SBA 7(a), 504, microloan, and newly created ARC loan programs. It increases efficiency at the SBA, something we have needed for a long time, by reducing burdensome application loan times for the regular loans, rural loans, cooperative loans and the ARC program. It allows CDCs to do loan liquidation for the 504 program, helping pay for that program. It includes closing costs on 7(a) and 504 loans in the loans. It approves the SBIC licensing protocol to make it more attractive to our lenders and aligns definitions and program opportunities with the U.S. Department of Agriculture with similar programs."
Small Business Aid Bill May 20, 2009
Betsy Markey, D-CO
"There was very little immediate impact for small businesses from the American Recovery and Reinvestment Act. Banks’ inability and sometimes unwillingness to assist small businesses will continue for some time and we must act now to help small businesses stay afloat. My bill assists small businesses by providing SBA guarantees for a portion of certain loans coordinated through Certified Development Companies (CDCs). These non-profit organizations work with local lenders to provide secure SBA-backed loans to small businesses. The SBA then guarantees a portion of the loan, reducing the risk to lenders and dramatically increasing small businesses’ access to capital. Until this bill, CDC loans were only available for new businesses or business expansion; but with this bill these loans would be available to refinance existing debt. By refinancing small businesses will continue to be current on their existing loans with SBA lenders. The lack of access to working capital depresses small businesses, resulting in a corresponding increase in unemployment rates."
Statements On Introduced Bills And Joint Resolutions November 19, 2008
Olympia Snowe, R-ME
"Fourth, the 10 Steps for a Main Street Economic Recovery Act would rectify the current lack of liquidity in the 504 program by providing a new short-term guarantee on the first loans in the 504 loan package in order to encourage investors to buy these securities. Currently, without such a guarantee, investors are not purchasing the first loans in the 504 loan package. This is preventing Community Development Companies, CDCs, from making new 504 loans to small firms. The cost of this guarantee will be fully covered by participating 504 lenders. Once enacted into law, this temporary guarantee, which would expire at the end of fiscal year 2010, would increase investor confidence, encourage them to buy 504 investments and resurrect demand for 504 loans."
Small Business Financing Improvements Act Of 2008 September 27, 2008
Steve CHABOT, Republican-OH
"I’m most proud of title II of H.R. 7175. It modifies and strengthens the loan program operated pursuant to title V of the Small Business Investment Act of 1958. Certified development companies, or CDCs, are vital to long-term economic and community development in my district and throughout the country. CDCs operate to provide long-term fixed-rate financing for small business concerns who find their financing needs cannot be met due to the loan limits of the 7-day loan program. And unlike many 7-day lenders, CDCs must be locally based so they have a key understanding of the needs of the communities they serve."

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