CREED Act of 2013

Bill: 113-hr-1240
Sponsor: full_name: Rep. Chu, Judy [D-CA-27]
Introduced: 2013-03-18
Policy area: Commerce
Subjects: Government lending and loan guarantees

Small business
Latest action: action_date: 2013-03-18
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2013-03-18
action_desc: Introduced in House
text: <p>Commercial Real Estate and Economic Development Act of 2013 or CREED Act of 2013 - Reinstates for a five-year period beginning on the date of enactment of this Act the authority for Small Business Administration (SBA) low-interest refinancing of small business debt not involving business expansion under the SBA's local development business loan program.</p> <p>Repeals a provision of the Small Business Jobs Act of 2010 which terminated such authority as of September 27, 2012.</p> <p>States that no additional appropriations are authorized for the reinstated refinancing program.</p>

tv_txt: I 113th CONGRESS 1st Session H. R. 1240 IN THE HOUSE OF REPRESENTATIVES March 18, 2013 Ms. Chu (for herself, Ms. Meng , Mr. Payne , Mrs. Negrete McLeod , Ms. Bordallo , Mr. Schrader , Ms. Tsongas , Mr. Petri , and Mr. Bera of California ) introduced the following bill; which was referred to the Committee on Small Business A BILL To extend the low-interest refinancing provisions under the Local Development Business Loan Program of the Small Business Administration.

1. Short title This Act may be cited as the Commercial Real Estate and Economic Development Act of 2013 or the CREED Act of 2013 . 2. Low-interest refinancing under the local development business loan program (a) Repeal Section 1122(b) of the Small Business Jobs Act of 2010 ( 15 U.S.C. 696 note) is repealed. (b) Restoration of Low-Interest Refinancing Provision Subparagraph (C) of section 502(7) of the Small Business Investment Act of 1958 ( 15 U.S.C. 696(7) ) (relating to refinancing not involving expansions), as in effect on September 25, 2012, shall be in effect during the period beginning on the date of enactment of this Act and ending 5 years after such date of enactment. 3. No additional appropriations authorized The amendments made by section 2 do not authorize any appropriations for the purpose of carrying out such amendment or the program it amends.