HR 4302 support campaign in full swing

NADCO, the national voice of SBA 504 Certified Development Companies, has joined the voices of many small business groups and trade associations in supporting HR 4302 - the Small Business Job Creation and Access to Capital Act of 2009 - in the U.S. House of Representatives.

HR 4302 is supported by the 55 members of the "Access to Capital Coalition," including the U.S. Chamber of Commerce, the American Bankers Association, the Independent Community Bankers Association, the National Association of Federal Credit Unions, the Associated Builders and Contractors, the International Franchise Association, the National Association of Government Guaranteed Lenders, and the National Small Business Association.

HR 4302 will extend the fee waiver for 504 loans and enhance the ability of the SBA to support larger loans and provide more options to small businesses. With this legislation, SBA could increase small business lending by an estimated $5 billion in 2010 alone at no cost to taxpayers.

HR 4302 includes:

• Increase the loan limit on 504 loans for fixed assets - buildings and equipment - from $1.5 million to $5.0 million or $5.5 million for small manufacturers.
• Allow 504 loans to refinance existing high cost or short-term commercial real estate debt into long term, fixed rate loans at today's lower rates.
• Authorize elimination of fees for borrowers on 504 loans through December 31, 2010.

Along with numerous national associations, NADCO is conducting a grass roots campaign to gain support and Congressional cosponsors for this important legislation.