While Harborstone Credit Union has been offering business loans since 2002, the Lakewood, Wash.-based cooperative could not have predicted how great member demand would be for the SBA's programs.

So when the $730 million credit union heard about a new offering from the SBA that would help refinance commercial real estate properties, it quickly signed on to participate. Launched Feb. 17, the 504-formulated program will allow small businesses facing maturity of commercial mortgages or balloon payments before Dec. 31, 2012, to refinance their mortgage debt with a 504 loan. The SBA began accepting refinancing applications Feb. 28. The program, authorized under the Small Business Jobs Act, will be in effect through Sept. 27, 2012.

The new refinancing loan is structured like SBA's traditional 504, with borrowers committing at least 10% equity and working with third-party lending institutions and SBA- approved certified development companies in the standard 50%/40% split, according to the agency.