Section 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”.
Commercial Real Estate and Economic Development Act of 2013
A BILL
To extend the low-interest refinancing provisions under the Local Development Business Loan Program of the Small Business Administration.
Sec. 2 Low-interest refinancing under the Local Development Business Loan Program
Repeal— Section 1122(b) of the Small Business Jobs Act of 2010 (15 U.S.C. 696 note) is repealed.
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.on and after the date of enactment of this Act, in any fiscal year during which the cost to the Federal Government of making guarantees under section 502 of the Small Business Investment Act of 1958 is zero.