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S. Rept. 114-266 1 (2016-05-26)

handle is hein.congrecreports/crptxshq0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP Calendar No. 107 114TH CONGRESS REPORT 2d Session SENATE 114-266 THE COMMERCIAL REAL ESTATE AND ECONOMIC DEVELOPMENT ACT OF 2015 MAY 26, 2016.-Ordered to be printed Mr. VITTER, from the Committee on Small Business and Entrepreneurship, submitted the following REPORT [To accompany S. 966] The Committee on Small Business and Entrepreneurship, to which was referred the bill (S. 966) to extend the low-interest refi- nancing provisions under the Local Development Business Loan Program of the Small Business Administration, having considered the same, reports favorably thereon with an amendment and rec- ommends that the bill, as amended, do pass. I. INTRODUCTION The CREED Act (S. 966) was introduced by the Committee's Ranking Member, Senator Jeanne Shaheen, for herself and Senator Johnny Isakson, on April 15, 2015. The bill's other co-sponsors as include: Senators Ayotte, Cantwell, Casey, Coons, Fischer, Franken and Hirono. The bipartisan bill extends a provision allowing small business owners to refinance existing commercial debt using the Small Busi- ness Administration's (SBA) 504 loan program for any fiscal year during which the 504 base program is operating at zero subsidy. By doing so, the program lowers small businesses' monthly mort- gage payments at no cost to taxpayers, thus putting more capital in the hands of America's job creators. S. 966 as introduced would have extended the 504 Loan Refi- nance (504 Refi) program for five years. During markup of the bill, Chairman Vitter put forward a substitute amendment to the bill which made two changes. The first change eliminated the five-year sunset and made the refinance authority available permanently. The second change allows the program to operate only during fiscal 59-010

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