Mc Lean, VA (Vocus) April 6, 2009
Mr. Crawford, stated the SBA 504 industry is very pleased with the appointment of Administrator Mills to head the SBA. He pointed out that Administrator Mills has been involved with the Small Business Administration's (SBA's) agenda since joining President Obama's transition team last fall to oversee the agency. "Ms. Mills has been working on agency lending issues with NADCO since her participation in the Obama Transition Team, and her depth of experience in the financial programs has been evident from the beginning. We believe that she has the vision to bring the SBA’s loan programs back to the forefront of small business lending and can be responsive to the changing needs of small business during this recession."
Crawford said that NADCO is looking forward to working together with Administrator Mills and the SBA to deliver whatever financial services are made available in the coming months through the new stimulus legislation. At a recent Government Relations Summit in Washington of NADCO member Certified Development Companies, it became apparent that many CDCs were being contacted by small business borrowers who urgently needed financial assistance to remain solvent. Crawford went on to say "We recognize that SBA will be making available additional capital to our 504 borrowers to assist them and their businesses.
During her confirmation hearing on April 1, Mills agreed with Senator Olympia Snowe (R-ME), Ranking Member of the Senate Committee on Small Business and Entrepreneurship, that it is vital to implement the new Business Stabilization Loan Program that was included in the Stimulus legislation as quickly as possible. She also indicated that her vision for the agency included building up it's core loan programs - the
SBA 504 loan program and the 7(a) program. She also cited the need to continue to utilize technology to improve business processes at the Agency for the benefit of borrowers and lending partners.
Crawford commented that the SBA is uniquely situated to provide assistance to America's small businesses since the Agency has a very effective network of offices across the country as well as having their lending partners the Certified Development Companies and banks that can reach out to small business owners across the country. "The CDC industry stands ready and able to assist small business owners with commercial real estate financing as interest rates continue to decline and more and more commercial real estate continues to come on the market. We have been providing SBA 504 loans for over twenty years, providing over $112 billion in financing to America's small business entrepreneurs and look forward to doing so for many years to come."
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.
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 http://www.nadco.org.