WASHINGTON Time is running out for small businesses, which includes 97 percent of the motorcoach industry, to apply for a special U.S. Small Business Administration loan refinancing program.

The temporary program allows small businesses to refinance eligible fixed assets with a 504/Certified Development Company loan.

The program expires Sept. 27.

"If you feel your business could use a shot in the arm, nows the time to consider the 504 refinancing option," says the SBA.

The 504 program offers below-market pricing and long-term, fully-amortizing fixed rates. Borrowers can borrow up to 90 percent of the current appraised value of the assets being refinanced.

One of the "most appealing features" of the program is that borrowers may be able to obtain "cash-out" proceeds from the refinancing to pay for eligible business expenses such as payroll, inventory and accounts payable, among others.

Among the reasons for creating the special 504 program was to assist small businesses in refinancing loans and restructuring debt. Additionally, the program is aimed at helping provide access to working capital, which is currently the biggest credit gap in the marketplace.

The program is structured like the SBAs traditional 504 loan program: borrowers will work with third-party lending institutions and SBA-approved certified development companies, typically private, nonprofit organizations to obtain the financing.

To learn more, go to http://www.sba.gov/content/504-loan-refinancing-program.

Theres another SBA program, called Small Loan Advantage 2.0, that offers a simplified application process for an SBA 7(a) loan of up to $350,000.

To learn more about this program, go to http://www.sba.gov/community/blogs/priming-lending-pump-small-business-sla-20.