By Young Entrepreneur Council, Contributor

Last month, new life was breathed into an effort to bring back some popular small business lending provisions that expired shortly before the 2012 presidential election. These expired programs enabled a record number of small businesses to refinance commercial mortgages. The renewed push to reinstate the programs, along with some additional policy changes, can go a long way toward aiding Main Street’s recovery. President Obama has done a number of positive things to help the small business sector. Business startups are up 8 percent from 2009 to 2011, and U.S. Small Business Administration loan processing reforms helped increase the number of small businesses that received financing in recent years. But more can be done, and Congress has stepped up recently. In March, House and Senate lawmakers introduced legislation to revitalize several successful programs from the Small Business Jobs Act of 2010 which expired just as they were gaining momentum. U.S. Senator Mary L. Landrieu (D-LA) recently introduced legislation (S.289) called the Commercial Real Estate and Economic Development (CREED) Act. In addition to Landrieu, Sen. Jeanne Shaheen (D-NH), Sen. Clair McCaskill (D-MO) and Sen. Johnny Isakson (R-GA) are co-sponsors of the CREED Act.  Rep. Judy Chu (D-CA) and Rep. Tom Petri (R-WI) announced support as well. Rep. Chu introduced a House version of the CREED Act, H.R. 1240. By expanding some SBA programs and loosening restrictions on others, capital flow to entrepreneurs can be increased. Here’s what I believe needs to be done: 1. Bring back successful refinancing programs. In 2010, the SBA created two temporary programs that enabled existing small businesses to refinance conventional loans at low rates. Such loans reduce mortgage interest burdens on business owners, helping to stimulate the economy. The First Mortgage Lien Pool (FMLP) program and the refinance provision for the SBA 504 program were both wildly successful and zero-subsidy, but they expired in September 2012 even though allocation limits were never within reach.  (Borrower and lender fees were slightly increased to offset any projected future losses in the program.) Bringing back these loan programs for another two years would greatly benefit entrepreneurs nationwide by offering access to much needed credit and growth capital.  It’s important to note that since these programs are not funded by the government, they have negligible impact on the federal budget. Furthermore, funds for these kinds of loans were never used before the programs expired, essentially leaving $15 billion “on the table” that could have been used by entrepreneurs. Reauthorizing these programs for a longer term, for example five years or until the authorized funds are spent, could represent an even better option. 2. Enable some small business lenders to expand. Currently, the Certified Development Companies (CDCs) that administer the federal portion of SBA 504 loans are limited to very specific geographies. This has led to a concentration of lending expertise in a few major market areas while leaving other areas underserved. Relaxing the geographic restrictions and enable qualified CDCs to expand into underrepresented areas. By allowing a free-market approach to flourish, more options —

From: http://www.forbes.com/sites/theyec/2013/04/11/simple-changes-offer-big-solutions-in-small-business-lending/