As it relates to the on-again/off-again SBA 504 refinance program, Claire O’Rourke, Director of Government Relations at the National Association of Development Companies (NADCO), indicated that lenders need to lobby their representatives. In a recent interview with Bob Coleman, editor of the Coleman Report, O’Rourke said, “Don’t assume congressmen/congresswomen and their staff know what you talking about as you launch into your talking points.”
The 504 refinance program has the potential to save, in some cases, tens of thousands of dollars each month in interest from refinancing high-cost debt using the 504 program. The U.S. economy can benefit from these savings when small businesses reinvest these savings into their businesses. O’Rourke noted that the cost of re-implementing the 504 refinance program is budget neutral and has a high probability of being implemented because “everyone (in Congress) loves small business.”
NADCO, the trade association of SBA Certified Development Companies (CDCs), is the industry’s primary voice in Washington D.C. for the SBA program. O’Rourke recently joined NADCO after working for the Senate Committee on Small Business and Entrepreneurship with Senator Mary Landrieu (D., LA).