WASHINGTON, Feb. 12, 2013 /PRNewswire-USNewswire/ -- Today, small business leaders reacted to President Obama's first State of the Union Address of his second term.
Beth Solomon, President and CEO of the National Association of Development Companies said: "As policymakers in Washington look for smart, bipartisan initiatives to fuel the economy, we support the extension of a measure that unlocked $2.5 billion in small business loans at almost no cost. The Small Business Administration 504 Debt-Refinance measure could help 250,000 small businesses create jobs by unleashing the capital in their assets to invest in growth."
"The SBA-504 Debt-Refi program couldn't have come at a better time for us," said Mary Perez, owner of six Wendy's restaurants in Phoenix, which employ nearly 120 people. "The monthly savings gave us the ability to hire three more mid-level managers at a higher starting salary and increase the staffing hours for our existing employees."
"NADCO stands ready to work with the President, the new Administrator of the SBA and policymakers in Washington to enact smart, pro-growth measures that will ignite an economic recovery that will be led, as always, by small business," Solomon said.
ABOUT THE SBA's 504 LOAN PROGRAM
The SBA 504 asset finance initiative is designed to assist small business owners obtain low-rate, long-term financing for capital assets like the purchase of real estate and equipment. Recognizing that small business owners sometimes have more difficulty getting traditional business financing but need funds to grow, the SBA 504 loan provides financing for businesses to make the investment in their own facilities, continue to expand and create new jobs.
The National Association of Development Companies (NADCO) is the trade association of Certified Development Companies (CDCs) - nonprofit companies that have been certified by the Small Business Administration (SBA) to provide financing for small businesses under the SBA 504 Program. NADCO represents nearly 270 CDCs, serving all 50 states. In 2012, the industry provided $6 billion to nearly 10,000 U.S. small businesses.
SOURCE National Association of Development Companies (NADCO)