Dan Bishop: “I thank the gentleman for yielding. I rise in support of my legislation, the 504 Credit Risk Management Improvement Act…”

“I thank the gentleman for yielding. I rise in support of my legislation, the 504 Credit Risk Management Improvement Act of 2021. As you may remember, this exact bill passed unanimously last December, and I hope the commonsense measure can pass overwhelmingly again. For those who do not know about the 504 program, this was one of the first programs established at the Small Business Administration and has been a key tool for economic development. To receive financing, 504 loan recipients must create jobs or meet public policy goals, like aiding rural development or revitalizing a business district. In its economic development role, the 504 program has provided access to capital and helped build communities across the country for over six decades. To ensure the program's continued success and viability for years to come, I partnered with Representative Angie Craig to craft a bill that provides the SBA with the tools necessary to maintain the long-term health of the 504 program. This bill codifies the SBA's oversight responsibilities for the 504 program and provides the Office of Credit Risk Management with full control of the review process for certified development companies, known as CDCs, that deliver this program. The legislation also establishes a formal process of communication between the Office of Credit Risk Management and CDCs to facilitate reviews to make sure the SBA is providing timely feedback to CDCs.…”