SBA 504 Complement

If a business applies for and qualifies for the SBA 504 Loan Program through Prairieland EDC, a 504 Complement Loan may be available. The 504 Complement would look at an application of up to 10 percent of the project. If a business qualifies for these funds, the interest rate would be set at New York Prime at the time of approval up to the maximum term of 15 years. The term must not exceed that of the bank.

SBA 504 Complement Loan Specifics
Areas Served	Specific Counties in MN
Max/Min Loan Amount	$5,000 - $250,000
Terms	Up to 15 years (fixed interest rate)
Eligibility	Eligibility is the same as the SBA 504 Must have a qualifying SBA 504 loan Must create jobs, retain jobs, and increase the tax base Required to pledge collateral that is available