The Small Business Administration’s 504 refinance program is now permanent, the federal agency announced last month. 

It previously was a temporary measure included in the Small Business Jobs Act of 2010 and had been allowed to expire until Congress included reinstating legislation as part of its 2016 budget.

“For some time now, we’ve been making the case for the 504 Refinance Program with lawmakers, and now small businesses will have access to $7.5 billion under this program. Congress heard the combined voices of small business, lenders and SBA, and made the 504 Refinance Program permanent – a measure that I’m sure will prove essential in helping small business expand and strengthen the nation’s economy,” SBA Administrator Maria Contreras-Sweet said in a news release.

“As both a former small business owner and a banker, I know firsthand that access to capital is the single most important factor in the survival and growth of a small business,” Sweet continued, noting that the 504 loan program, with its long-term fixed rate can help refinance debt from adjustable rate loans, saving borrowers money. Since the new loan rates will probably be lower than the older ones, Sweet said, the refinanced loans can help increase cash flow for borrowers.

The SBA will begin accepting applications from small business owners effective June 24.