Ashtabula County
503 Corporation

Revolving Loan Funds for Business

How the Revolving Loan Fund Works

The 503 works in participation with local lenders. Generally, the lead bank will loan 50% of eligible project costs, the 503 will loan 40%, and the borrower is required to contribute at least 10% of the project cost. The 503 can subordinate the collateral position to the participating bank.

Use of Funds

Purchases of Real Estate,
Machinery, Equipment, and
Working Capital are typical
uses of loan funds.
Loans cannot be used to
refinance debt.

Loan Amounts

$7,500 - $250,000
Larger loans may be considered depending on the community and economic impact of the project and the availability of revolving loan funds.

Requirements

Collateral to secure the loan, Business and Personal Guarantee, Good Credit History, Ability to repay the debt, Insurance on the Collateral, and Key Person Life Insurance Assignment are required

Why Choose us?

The Ashtabula County 503 Corporation operates a revolving loan fund for businesses located in the County. The mission of the organization is to promote economic development through job creation and retention.