Senate Small Business Committee Chair, Landrieu, to Keynote NADCO Conference
MCLEAN, Va., March 8, 2011 /PRNewswire-USNewswire/ -- The champion of America's small business in Congress, Senator Mary Landrieu (D-LA) will be keynoting the Government Relations conference of the National Association of Development Companies (NADCO) on March 15, 2011 in Washington, D.C.
NADCO, the trade association representing the nation's Certified Development Companies (CDCs), is holding its annual Government Relations Conference at the Madison Hotel on March 15 and 16. CDCs are the U.S. Small Business Administration's (SBA's) conduit for providing their highly regarded 504 loan program to small businesses across the country.
This conference affords key leaders in the CDC industry the opportunity to hear from leaders on Capitol Hill and policy officials from the SBA. The will be discussing the state of the SBA 504 loan program and their future plans and goals. The participation of Senator Landrieu, the Chair of the Senate Committee on Small Business and Entrepreneurship, is of special importance.
Chair Landrieu was tireless in her push for the passage of H.R. 5297- the Small Business Jobs and Credit Act of 2010, last year. The legislation included a number of key provisions for the SBA 504 loan program including increasing the net worth of companies eligible for SBA 504 loans, raising maximum loan size and allowing for the refinance of existing small business debt.
NADCO President, Chris Crawford, noted, "The participation of Chair Landrieu at our conference is a tremendous vote of confidence for the SBA 504 loan program and our member Certified Development Companies. We have the utmost respect and admiration for Senator Landrieu and can't begin to express our appreciation for her support of our work with America's small businesses."
SBA 504 loans are long term, fixed rate financing for the purchase of commercial real estate or capital-intensive equipment and machinery. SBA 504 loans are typically used by small businesses needing more operating space or planning to invest in their own facilities. Still, others want to construct or retrofit facilities to incorporate energy efficient technologies to decrease operating expenses. Businesses needing to invest in expensive equipment are also prime candidates for SBA 504 loans. A major advantage of the 504 loan is the low down payment which is typically only 10% leaving businesses more working capital for their operations. But the hidden benefit, and huge value, to the nation's economy is that all SBA 504 loan recipients are also adding jobs in their communities.
As CDC industry leaders gather in Washington next week, they will be visiting with their elected representatives in Congress to discuss the SBA 504 loan program, its use among their constituents and thank them for their continued support of the program. CDCs will continue to look for even more ways to make SBA 504 loans more accessible and beneficial for America's small businesses to expand and grow.
For more information on the SBA 504 loan program, contact a Certified Development Company in your area. Visit the NADCO website at www.nadco.org for a list of CDCs in the country.
About the National Association of Development Companies (NADCO):
Created in 1981, the National Association of Development Companies is the trade association for America's Certified Development Companies (CDCs). Certified by the U.S. Small Business Administration, CDCs are community-based economic development organizations that serve their local communities and states, and are dedicated to the promotion of small business expansion and job creation through SBA's 504 Loan Program. In addition to the 504 program, many CDCs also provide small businesses with access to other Federal, state and local economic development loan programs. These programs provide both long and short term funding for borrowers.
Based in the suburbs of Washington, D.C., NADCO provides legislative and regulatory support for the 504 Loan Program on behalf of CDCs, the program's lending partners (including first mortgage lenders, attorneys and others allied to the industry), and 504 small business borrowers. For more information, please call (703) 748-2575 or visit www.nadco.org.
SOURCE National Association of Development Companies (NADCO)