President Obama has proposed temporarily increasing the cap on SBA Express loans from $350,000 to $1 million in the latest effort to jump-start business lending.

The Express loans are currently capped at $350,000 and carry a 50% guarantee. Fees would cover virtually all of the added costs of this proposal, the SBA said.

The president has also proposed expanding the SBA's 504 program to temporarily support refinancing for owner-occupied commercial real estate loans. businesses with a loan maturing in the next year that are current on all loan payments will be eligible through the 504 program. Credit unions and other lenders that are refinancing mortgages for existing customers will make a loan for up to 70% of the current property value and SBA will help finance the remaining 20%, the SBA said. For new lenders taking on a refinancing project, SBA will take on a greater share of financing, up to 40% SBA's proposal for a temporary, zero-subsidy CRE refinancing program would be funded through additional fees for refinancing projects, not through a Congressional appropriation, the agency said adding the proposal will help refinance up to $18.7 billion each year in commercial real estate that might otherwise be foreclosed and liquidated.