The U.S. Small Business Administration is making its 504 Refinance Program a permanent offering for small businesses that have taken out loans for their buildings.

“This new refinance product gives businesses a great opportunity to grow—it fixes the cost of occupancy on their properties, and also keeps their interest rate fixed over the long term,” said David C. Long, executive director of Heartland Business Capital.

The product had been available as a pilot project between 2012 and 2014. It allows small businesses to lock in a 20-year fixed rate on 40 percent of financing—a nice change from conventional loans, which might balloon and require refinancing every three to five years, with the potential for higher interest rates.

Locally, Heartland Business Capital can help entrepreneurs interested in a 504 Refinance. The property in question must be owner-occupied, and the borrower must be an established business, not a new company.

“The 504 loan program with its long term fixed-rate can help refinance debt from adjustable rate loans with significant savings to borrowers,” SBA Administrator Maria Contreras-Sweet said in a news release.

“Paying off existing loans with a new loan at a lower cost can help increase cash flow, which can be especially helpful in a resurgent economy.  That’s why I’m so proud to announce this Final Rule making 504 Refi permanent.”