75 (1) For the purposes of this subdivision, a below-prime loan is a loan for a total amount of not more than $50,000 in respect of which the following conditions are satisfied:  1. If the loan is made at a fixed rate of interest, the rate of interest payable in respect of the loan is less than the average bank prime rate at the time the loan is made. 2. If the loan is made at a floating rate of interest, the agreement in respect of the loan provides that the rate of interest payable in respect of the loan at any time must be less than the average bank prime rate at that time. 3. The loan is not made to a person carrying on a business of a class prescribed for the purposes of this paragraph. 4. The amount of the total assets or the amount of the gross revenue, measured immediately before the loan is made, whichever is greater, of the qualifying small business corporation or qualifying small business to which the loan is made or any associated group of which it is a member, does not exceed $500,000 at the time the loan is made. 5. The loan is not used for such purpose or in such manner as may be prescribed.  2007, c. 11, Sched. A, s. 75 (1). Deemed qualifying small business corporation or qualifying small business (2) If the qualifying small business corporation or qualifying small business to which a below-prime loan is made certifies to the financial institution, specified corporation or insurance corporation making the loan that the corporation or business is a qualifying small business corporation or qualifying small business, as the case may be, for the purposes of this subdivision and that the conditions described in paragraphs 3, 4 and 5 of subsection (1) are or will be satisfied, the corporation or business is deemed to be a qualifying small business corporation or qualifying small business for the purposes of this subdivision and the conditions described in paragraphs 3, 4 and 5 of subsection (1) are deemed to be satisfied.  2007, c. 11, Sched. A, s. 75 (2). Penalty (3) If a certificate provided by a qualifying small business corporation or qualifying small business under subsection (2) contains a false statement of fact and the Ontario Minister considers that the individual making the statement should reasonably have known that it was false, the corporation or business shall, subject to subsection (4), pay a penalty equal to the lesser of, (a) $2,000; and (b) the tax credit amount claimed by a financial institution in respect of the below-prime loan to which the certification relates.  2007, c. 11, Sched. A, s. 75 (3). Exception (4) Subsection (3) does not apply if the corporation or business provides evidence that satisfies the Ontario Minister that the individual making the statement believed the fact to be true.  2007, c. 11, Sched. A, s. 75 (4). Tax credit amount, below-prime loan (5) For the purposes of the definition of “A” in subsection 74 (1), the tax credit amount in respect of an eligible investment that is a below-prime loan made by a corporation described in clause (a), (b) or (c) of that definition is, for each taxation year in which the loan is outstanding, 4 per cent of the average outstanding balance of the loan during the taxation year.  2007, c. 11, Sched. A, s. 75 (5).