; 129 Stat. 2463; 15 U.S.C. 696 note) is repealed. (2) Refinancing 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 new subparagraph: (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; (II) the term eligible fixed asset means tangible property relating to which the Administrator may provide financing under this section; and (III) the term qualified debt means indebtedness that— (aa) was incurred not less than 6 months before the date of the application for assistance under this subparagraph; (bb) is a commercial loan; (cc) the proceeds of which were used to acquire an eligible fixed asset; (dd) was incurred for the benefit of the small business concern; and (ee) is collateralized by eligible fixed assets; and (ii) Authority A project that does not involve the expansion of a small business concern may include the refinancing of qualified debt if— (I) the amount of the financing is not more than 90 percent of the value of the collateral for the financing, except that, if the appraised value of the eligible fixed assets serving as collateral for the financing is less than the amount equal to 125 percent of the amount of the financing, the borrower may provide additional cash or other collateral to eliminate any deficiency; (II) the borrower has been in operation for all of the 2-year period ending on the date the loan application is submitted