To provide authority for certain debt refinancing with respect to financings approved under title V of the Small Business Investment Act of 1958, and for other purposes.

Mr. Speaker, obtaining and maintaining credit is a serious issue facing most small businesses in this country. The lack of credit has caused a cash-flow crunch on many businesses, impacting their ability to grow, purchase new equipment or hire a worker. Approximately $2.5 billion in commercial loans will come due in the next year, and many banks will not be willing or able to renew them.

On May 20, 2009, I introduced the Small Business AID Act, H.R. 2527. The Small Business AID Act will allow small businesses to utilize the SBA's 504 loan program to refinance existing debt. Low interest rates in conjunction with this bill allow small businesses to reduce their debt while raising their cash flow. This bill is temporary in nature, limiting debt restructuring for 2 years. The bill is also deficit- neutral. Over 94 percent of my colleagues have certified development companies in their districts which provide loans to small businesses. These loans amount to an average of $1.6 million investment in small businesses in each of our districts, and the average number of loans per year per district is three. That means almost $5 million invested in businesses, purchases, employees.

Senator Landrieu introduced S. 2869 on December 10th, which includes provisions which are similar to The Small Business AID Act. The Senate Committee on Small Business and Entrepreneurship conducted hearings and has reported the bill favorably.

Our economy needs a shot in the arm. The Small Business AID Act is a simple cost-free fix to infuse more cash into our economy. I urge all members to support H.R. 2527.