SBA 504 now is offering 25-year terms at a fixed below-market interest rate of 3.03%.

Businesses can obtain refinancing that's up to 90% of their appraised commercial real estate value.

Here is how the program works:

• A business obtains a first mortgage from a bank at 50% of the appraised commercial real estate value. This would be secured by a first lien.
• A business also obtains a second mortgage from an SBA 504 provider at up to 40%. Qualifying SBA 504 providers include certified development companies.
• In return, the business contributes at least 10% of its equity, although the threshold is 15% for startups and single-purpose facilities.

This means a hypothetical business with property appraised at $2 million would get a $1 million first mortgage and a roughly $700,000 second mortgage. That's assuming the owner has $1.5 million outstanding debt and needs $200,000 to cover expenses.

Not all small businesses qualify as they must have existed and been owned by the borrower for at least two years. Loans being refinanced also must be at least two years old with 85% of the loan amounts covering business expenses including owner-occupied real estate, land and equipment. The owner also must be up to date with all loan payments for the past year.

The only loans that SBA 504 can't refinance are SBA ones.