Generating Congressional support for legislation to reinstate the SBA-504 Debt Refinance program (CREED Act, H.R. 1240) was the focus of a briefing by CDC Small Business Finance customer Kirk Butler, owner of Cactus, Stone & Tile in Phoenix. Butler and NADCO President & CEO Beth Solomon explained the benefits of the refinance program to Kendra Leiby, senior district advisor for Congresswoman Kyrsten Sinema (D-Ariz.-9th District) and then conducted a tour of one of Butler’s buildings he refinanced under the debt refi program, which expired in 2012.
Butler is one of over 2,700 small business owners who used the SBA-504 Debt Refinance program to save $10,000 a month in cash flow so he could grow his business and create new jobs. The CREED Act would reinstate the SBA-504 Debt Refinance tool, allowing small business owners who own and occupy their commercial real estate to consolidate their debt in a refinanced loan.