Shaheen Decries Obstruction of Bills to Provide Affordable Credit to Small Businesses

** Shaheen’s CREED Act, along with another measure, have broad bipartisan support, but are being held-up by one senator**

November 05, 2015

(Washington, DC) – This afternoon, U.S. Senator Jeanne Shaheen (D-NH) took to the Senate floor to call for passage of her bipartisan legislation that would revive a successful federal program that provides small businesses access to affordable credit. Her request was denied by one senator, and as a result, under Senate rules, passage of the Commercial Real Estate and Economic Development (CREED) Act was prevented. Senator Shaheen is the top Democrat on the Senate Small Business Committee and has led the committee’s efforts to help entrepreneurs start and grow their small businesses by providing access to credit.  

“There are many strong and differing opinions in the Senate, but when it comes to providing our nation’s small businesses with affordable financing, we’ve found significant common ground,” said Shaheen. “This legislation is an opportunity to address one of the biggest challenges facing small businesses – getting access to credit so they can live up to their full potential. There is small business demand for this program and both sides of the aisle agree that this is a common sense proposal. The one objection to this legislation comes at the expense of small business growth and job creation.”

The Commercial Real Estate and Economic Development Act of 2015 (CREED Act), was introduced by Shaheen and Senator Johnny Isakson (R-GA), and would re-instate what’s known as the “504 Refi” program at the Small Business Administration which expired in 2012. This program allows small businesses to refinance existing qualified commercial real estate debt and can be used to help small businesses lower monthly mortgage payments. Small businesses would be able to free themselves from ballooning loans and demand notes that threaten their existence as well as the jobs of their employees. The program is fully funded through participant fees.

Senator Shaheen also sought passage of another measure, the Small Business Investment Company Capital Act of 2015, which would help the SBA enhance its support for startup firms.

Senator Shaheen’s remarks on the Senate floor this afternoon are available here