Nevada State Development Corp. seeks CREED Act’s passage
The Nevada State Development Corp. is asking Congress to bring back a popular small-business loan refinance program that expired shortly before the 2012 presidential election.
The proposal, known as the Commercial Real Estate and Economic Development Act of 2013, brings back an SBA 504 loan program used by 2,700 companies nationwide to refinance some $7 billion in old, higher interest debt. Such loans reduce mortgage interest burdens on business owners.
The passage of the CREED Act would make permanent the 90 percent loan to value refinance program, according to NSDC’s president.
“We are on pins and needles here in Nevada because passage could have such a … positive effect for our business owners,” said Debra Alexandre, president of NSDC. “If the SBA 504 refinance program isn’t reinstated, there is a potentially devastating downside for Nevada, as several of our local business owners have balloon payments in the near term.”
Prior to the refinance program’s expiration, NSDC had 72 SBA 504 loans for $42.2 million. Alexandre said the program saved the average small business owner $20,000 a month.
Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.
