As suggested by the dynamic_reload crate's example, I collected Symbols instead of extracting them every time, but Symbol requires a lifetime. Using a lifetime changes method signatures and breaks the compatibility with method DynamicReload::update.
Is it a valid workaround to use std::mem::transmute to change Symbol's lifetime to 'static?
extern crate dynamic_reload;
use dynamic_reload::{DynamicReload, Lib, Symbol, Search, PlatformName, UpdateState};
use std::sync::Arc;
use std::time::Duration;
use std::thread;
use std::mem::transmute;
struct Plugins {
    plugins: Vec<(Arc<Lib>, Arc<Symbol<'static, extern "C" fn() -> i32>>)>,
}
impl Plugins {
    fn add_plugin(&mut self, plugin: &Arc<Lib>) {
        match unsafe { plugin.lib.get(b"shared_fun\0") } {
            Ok(temp) => {
                let f: Symbol<extern "C" fn() -> i32> = temp;
                self.plugins.push((plugin.clone(), Arc::new(unsafe { transmute(f) })));
            },
            Err(e) => println!("Failed to load symbol: {:?}", e),
        }
    }
    fn unload_plugins(&mut self, lib: &Arc<Lib>) {
        for i in (0..self.plugins.len()).rev() {
            if &self.plugins[i].0 == lib {
                self.plugins.swap_remove(i);
            }
        }
    }
    fn reload_plugin(&mut self, lib: &Arc<Lib>) {
        Self::add_plugin(self, lib);
    }
    // called when a lib needs to be reloaded.
    fn reload_callback(&mut self, state: UpdateState, lib: Option<&Arc<Lib>>) {
        match state {
            UpdateState::Before => Self::unload_plugins(self, lib.unwrap()),
            UpdateState::After => Self::reload_plugin(self, lib.unwrap()),
            UpdateState::ReloadFailed(_) => println!("Failed to reload"),
        }
    }
}
fn main() {
    let mut plugs = Plugins { plugins: Vec::new() };
    // Setup the reload handler. A temporary directory will be created inside the target/debug
    // where plugins will be loaded from. That is because on some OS:es loading a shared lib
    // will lock the file so we can't overwrite it so this works around that issue.
    let mut reload_handler = DynamicReload::new(Some(vec!["target/debug"]),
                                                Some("target/debug"),
                                                Search::Default);
    // test_shared is generated in build.rs
    match reload_handler.add_library("test_shared", PlatformName::Yes) {
        Ok(lib) => plugs.add_plugin(&lib),
        Err(e) => {
            println!("Unable to load dynamic lib, err {:?}", e);
            return;
        }
    }
    //
    // While this is running (printing a number) change return value in file src/test_shared.rs
    // build the project with cargo build and notice that this code will now return the new value
    //
    loop {
        reload_handler.update(Plugins::reload_callback, &mut plugs);
        if plugs.plugins.len() > 0 {
            let fun = &plugs.plugins[0].1;
            println!("Value {}", fun());
        }
        // Wait for 0.5 sec
        thread::sleep(Duration::from_millis(500));
    }
}
I still have to keep Arc<Lib> inside the vector because Symbol doesn't implement PartialEq.