Is there interest in exploring post-SBA refinancing, PG removal, or dividend recaps?

I’ve been hearing from more operators lately who are a year or two into their SBA loan and are starting to think about what’s possible outside the SBA framework, whether that’s removing the personal guarantee, accessing growth capital, or even doing a small partial dividend recap if performance supports it. In a number of cases, the business has matured enough to be eligible for: • Potentially Lower-cost senior debt • More flexible structures • Incremental capital for add-ons or capex • Or a modest dividend recap tied to strong EBITDA growth I’m curious to see how many others in the community are evaluating a refinancing, recap, or simply want to understand when it makes sense to transition off SBA debt. If you’re exploring this, or if you have an operator in your network who might be, happy to compare notes and share what lenders are actually underwriting right now (leverage levels, coverage ratios, EBITDA thresholds, etc.). Feel free to reach out directly if this would help you - my email is redacted