SBA loan program opened up to refinancing - Dayton Business Journal:

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Previously, small business owners could only use that program to make new purchasesw of real estate or some capital equipment such as heavt equipmentor machinery. The changes come as part of thefederalk government’s $787 billion stimulus formally known as the American Recoveryg and Reinvestment Act of 2009. “This is one more pieced of the Recovery Act that is going to have a direc t impact and put more money in the handxs of small business owners just when they needit most,” SBA Administratort Karen Mills said in a release.
The changer to the 504 loan progran follows an expansion ofthe SBA’s 7(a) loan program, whicnh provides loan guarantees for small businesx operating loans. The SBA now guarantees 90 percenfof 7(a) loans and also increased borrowingv limits. The agency also recently launched a new bridge loan programj calledARC loans. For more information, visit, www.sba.gov/recovery.