Loan Servicing

Loan servicing involves any changes to the existing terms of the loan that takes place after a loan has been funded. Loan servicing requests may include: pre-payment of loans, deferment of loan payments, release of collateral, substitution of collateral, subordination of collateral, changes in life insurance, changes in ownership and assumption of your loan. Our Loan Servicing Officer, Lisa Onken, will assist you with your loan servicing requests. It is important to work closely with Lisa if anything changes in your business and the terms of your loan, because changes to the existing terms of your loan need approval from Prairieland EDC and SBA.

Most servicing requests require the following:

  • A detailed letter explaining your request (letter must be signed by all guarantors on the loan)
  • A letter from your lender
  • A current balance sheet
  • A current income statement or profit and loss statement

In addition to the above, Lisa and the Prairieland EDC staff will conduct periodic physical site visits to maintain a close working relationship with you and to address any questions or concerns you may have. Members of the Prairieland EDC staff are always available to answer questions regarding your loan at any time throughout the year.

On-going monitoring of your loan is required and some or all of the following financial information is required on an annual basis:

  • A year-end balance sheet
  • A year-end income statement or profit and loss statement
  • An updated personal financial statement
  • Verification of your outstanding loan balance(s) with your bank

To contact Lisa for any servicing questions you may have, call Prairieland EDC at 1-800-507-9003 or e-mail her at servicing@prairielandedc.com.