504 Complement Loan

If a business applies for and qualifies for the SBA 504 Program through Prairieland EDC, a Complementary 504 loan may be available. The Complement 504 would look at an application of up to 10% 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 a maximum term of 15 years. The term must not exceed that of the bank.

• Maximum of 10% of 504 eligible project – jobs and tax base
• Part of third party portion – must not reduce the maximum eligible 504 loan amount
• Fixed rate at NY Prime at approval for term equal to lender, but not to exceed 15 years
• Loans from $5,000 to $250,000
• Not available without a 504 loan
• Subordinate to private lender loan and 504 loan
• Loan loss should be re-evaluated
• Same documentation as General IRP