A good time to refinance is when you can clearly benefit – for instance, if interest rates have dropped at least a couple percentage points below what you’re currently paying, or if your business has grown stronger (so you can qualify for a better loan than before). Many people also look at refinancing as their SBA loan’s variable rate starts rising (due to prime rate increases) – they might refinance to a fixed-rate product to lock it in. Also, if you’re about to face a balloon payment or your loan is maturing, that’s a critical time to refinance so you’re not caught without a way to pay off the balance. Essentially, keep an eye on market rates and your franchise’s financial health; if you see a chance to significantly save or reduce risk, that’s the time to explore refinancing.