As an existing borrower your questions are very important to us.
Contact us directly at 507-836-6656 or email us at email@example.com.
You can view your loan balance at any time on the amortization schedule which was provided to you when your loan was funded. Your amortization schedule is a breakdown of your monthly loan payment for the life of your loan and is provided to you in lieu of monthly statements.
Each year, in early February, Prairieland EDC makes available an annual statement that you may request by contacting us.
At the time of closing, the small business is required to name the SBA/Prairieland EDC as Mortgagee on the Building Insurance and, if necessary, as Lender’s Loss Payee for personal property insurance for full replacement cost. Prairieland EDC monitors the insurance and must, at all times, have a current copy of your hazard insurance on the building and/or business personal property, such as equipment. Other insurance required on a case-by-case basis may apply.
Yes. As part of loan requirements, borrowers agree to submit tax returns each year. Prairieland EDC will notify you each year in April of the specifics for your loan.
No it does not.
If you want to change the account that is debited for your monthly payment, you can submit a new ACH Authorization form and voided check to Prairieland EDC. Send the form and voided check by the 10th of the month to allow time to process a change in account the next month. Please use this form and return it to us so we can make this change.
A borrower may refinance the first mortgage held by a bank but if the new lender requires a first lien on the collateral Prairieland EDC will make a request to the SBA. If the refinance is for the current balance plus additional monies further rules apply.