SBA helps expanding firms refinance loans - South Florida Business Journal:

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The SBA began allowing small businesses to use the 504 program to refinancwe existing debtJune 23, implementing a provision in the economic stimuluss legislation. This new program could help small businesses that are carryingh a heavy debt load or facing a balloon payment on a realestate loan, but the refinancing is availabld only if the business is expanding. The government-guaranteeds 504 loans are availablw from nonprofit organizations known as certified developmentcompanies (CDCs), whicnh partner with commercial The program provides fixed-ratse financing to small businesses for fixed assets such as land and equipment.
Under the changes in the program, small businesses now can refinanced existing debt related to fixed assets if they also borrowq money to finance more real estateor equipment. The amount of debt beinfg refinanced must be 50 percent or less of the totapl cost ofthe expansion.