MWSBF applauds Utah Representative Jim Matheson on his support of the CREED Act (HR1240). As a co-sponsor of this vital legislation, Matheson has shown his support for small business in Utah. The legislation can benefit hundreds, possibly thousands of small business owners in Utah and across the country as key components of the bill are designed to:
· Lower monthly commercial mortgage payments
· Open up opportunities to unlock working capital, and
· Stimulate job creation though small business expansion
One key benefit of the legislation is that it’s designed to do all the above without cost to the US taxpayer (as all fees and costs are borne by the small business –including any default costs.)
The CREED Act would also reinstate the SBA 504 Debt Refinancing Program (or “Debt-Refi”) for five years. During a temporary trial period of less than a year, the Debt-Refi program refinanced $7 billion in old expensive debt to over 2700 businesses nationwide.
For Utah, this meant more than 60 small businesses were refinanced to the tune of $68.6 million – retaining more than 1600 jobs and adding 185 new jobs in the next three years. Additionally, the program saves Utah small business more than $128,000 per month in payments while providing over $9.4 million in less expensive working capital for those same small businesses.
MWSBF thanks Rep. Matheson for his co-sponsorship of the CREED Act and recommends our nation’s congressional leaders join with him to help support small business in Utah and throughout our country by passing this vital piece of legislation.