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S. 966 (114th): CREED Act of 2015

The text of the bill below is as of Apr 15, 2015 (Introduced).


II

114th CONGRESS

1st Session

S. 966

IN THE SENATE OF THE UNITED STATES

April 15, 2015

(for herself and Mr. Isakson) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship

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 2015” or the CREED Act of 2015.

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Section 1122(b) of the Small Business Jobs Act of 2010 (15 U.S.C. 696 note) is repealed.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 that date of enactment.