We presented the details of House Bill 4302 in March [1]. The bill has been referred to the House Small Business Committee for consideration. It is similar to Senate Bill 1832n and would allow 504, 7(a) and micro-lending to do much more for small business, including increasing the 504 and 7(a) loan maximums. It also provides for temporary expansion of the 504 program to do refinancing for projects in order to decrease the debt servicing costs for small businesses. This will help retain jobs for companies with balloon payments coming due on their existing properties during this recession.
Evergreen Business Capital supports both bills. We could use your help developing support for this new House bill in the House Small Business Committee by getting co-sponsors.
To gain co-sponsors for this bill please contact your Representative and request that they become a co-sponsor of HR 4302. There are no Pacific Northwest sponsors yet. To see who has signed on to cosponsor HR 4302 to date, click here to visit Govtrack.us [2].
We believe that there will be strong support by Members of Congress, given that this bill expands access to badly needed capital for small business and will help borrowers create and retain jobs, as well as decrease their cost of existing debt through refinancing.
On May 18 Representative Nita Lowey and seven other members of the House of Representatives sent a letter to Senate Majority Leader, Harry Reid and Minority Leader, Mitch McConnell requesting inclusion of HR 4302 in the Senate jobs package. The letter can be seen here [3].
Links:
[1] http://www.evergreen504.com/about-us/news/house-bill-hr-4302
[2] http://www.govtrack.us/congress/bill.xpd?bill=h111-4302
[3] http://www.nadco.org/files/public/LoweyLtrtoSenate5-18.pdf