Ashtabula County 503 Corporation

Who May Borrow?

A business that is a sole proprietorship, partnership or corporation may apply for financing. The business should be a for-profit business, although non-profit corporations with assets will be considered with exceptional circumstances.

How May the Loans Be Used?

Loan funds may be used to finance a wide variety of business needs, including acquisition of real estate, machinery, equipment and working capital.

What Are the Benefits of 503 Financing?

– Lower than current 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 Corporation can subordinate collateral position to a bank participating in the project financing