refinancing and community development lending (a) Purpose The purpose of this section is to make refinancing loans under title V of the Small Business Investment Act of 1958 ( 15 U.S.C. 695 et seq.) more flexible so that lenders can more effectively and efficiently respond to the needs of small business concerns seeking immediate financing and relief from the economic impacts of COVID–19. (b) Low-Interest refinancing under the local development business loan program (1) In general Section 502(7) of the Small Business Investment Act of 1958 ( 15 U.S.C. 696(7) ) is amended by adding at the end the following: (C) Refinancing not involving expansions (i) Definitions In this subparagraph— (I) the term borrower means a small business concern that submits an application to a development company for financing under this subparagraph