Rep. Negrete McLeod Joins Bipartisan Small Business Caucus

Press Release

Today, Rep. Gloria Negrete McLeod (D-Chino) joined the newly formed bipartisan Congressional Small Business Caucus. Members of the Caucus are dedicated to advancing efforts to foster the economic certainty needed for small businesses and entrepreneurs to succeed and create jobs.

"The success of small business is tied directly to the success of our economy," said Negrete McLeod. "Small businesses employ about half of all American private sector workers. It is important that Congress do what it can to make it easier for small businesses to continue to create jobs."

A recent report found a 17 percent increase in the money borrowed by business owners looking to purchase San Bernardino and Riverside county real estate in the last six months. The financing deals, called 504 loans, allow business owners to purchase the building, stop paying rent and accumulate equity, as long as they continue to use at least 51 percent of the property to operate the business.

Rep. Negrete McLeod is a cosponsor of H.R.1240, the Commercial Real Estate and Economic Development (CREED) Act, which extends the Small Business Administration's 504 loan refinancing program for five years. In Fiscal Year 2012, the last year of the program, over 2,400 small businesses benefited from refinancing of over $2.2 billion.

"We in Congress must work in a bipartisan manner to ensure that small businesses continue to grow and employ people," explained Negrete McLeod. "The CREED Act will extend the SBA's 504 loan program allowing small business owners to continue refinancing to lower monthly mortgage payments while taking advantage of historically low interest rates. It is common sense legislation like this that will help small businesses continue creating Inland Empire jobs."

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