Shaheen Highlights Importance of Loan Refinancing Program for Small Businesses at QC Precision in Salem

(November 16, 2015 - QC Precision in Salem, NH. From left to right: Shawn Devine, Owner of QC Precision, U.S. Senator Jeanne Shaheen (D-NH), Scott Gardiner, Executive VP, Granite State Development Corporation and Greta Johansson District Director, US Small Business Administration) 

A high resolution version of the photo is available here. 

(Salem, NH)— This afternoon in Salem, U.S. Senator Jeanne Shaheen (D-NH) visited QC Precision, a custom plastics manufacturing business, where she was briefed by company executives on their successful use of a now expired federal program, known as the “504 Refi,” which provided small businesses access to affordable credit. Senator Shaheen is the lead Democrat on the Senate Small Business Committee and has made expanding access to affordable credit one of her top priorities on the committee. At QC Precision, she talked about her legislation to reauthorize this program and the opportunities it could provide Granite State entrepreneurs.

“Access to credit is one of the biggest challenges facing small businesses,” said Shaheen. “QC Precision has demonstrated how this program can help a small business thrive. My legislation has broad bipartisan support and I intend to take success stories like QC Precision back to Washington as I work towards getting this program back up and running for America’s job creators.”   

Senator Shaheen’s bipartisan Commercial Real Estate and Economic Development Act of 2015 (CREED Act) would re-instate the 504 Refi program at the Small Business Administration, allowing small businesses to refinance existing qualified commercial real estate debt and help 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.