Loan amounts are typically $7,500 to $150,000. Larger loans may be considered, depending on the
project, need and availability of funds.
Additional collateral, security interests, corporate and personal guarantees may be required.
What are the benefits of 503 financing?
- Lower than market interest rates.
- Low application fees.
- Reasonable loan closing costs.
- Simple application process.
- Approved loans can usually close within 30 days of loan approval.
- The 503 can subordinate collateral position to a bank participating in the project financing.
How do I apply for financing?
A business interested in 503 Corporation financing should first call and make an appointment with the 503 loan officer.
If a project meets the qualifications for financing consideration, the applicant will be provided a financial assistance
application. Assistance in completing the application is available from the Ashtabula County Small Business
Development Center and Growth Partnership for Ashtabula County.
Along with completing the financial assistance application, a business must provide three years of historical financial
statements or tax returns, three years of projected financial statements, personal financial statements for the
principal owner(s) of the business, information on the project and documented project costs.
The business should obtain third-party cost estimates or quotes for all items to be purchased. Estimates or quotes would
be obtained from contractors, suppliers, and equipment vendors. For real estate purchases, the business should have a
purchase agreement, accepted by the seller, contingent on financing and a real estate appraisal.