The SBA has specific rules on this. Generally, you cannot refinance an existing SBA 7(a) loan into a new SBA 7(a) loan just to get a better rate/term – they discourage using one SBA loan to pay another in most cases. However, you can refinance an SBA loan with a non-SBA loan (like a conventional bank loan or line of credit) if that lender is willing. More interestingly, recent changes allow using an SBA 504 loan to refinance certain debts, including SBA 7(a) loans. So, if you have a 7(a) loan that primarily financed real estate or equipment, you might refinance it with a 504 to get a fixed low rate. There are eligibility criteria (the debt usually must be at least 6 months old and current on payments, etc.). It’s best to consult with a lender knowledgeable in SBA refinancing to see what’s possible in your scenario.