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.
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.
Funds are loaned to sole proprietorships, partnerships, and corporations that will create and retain jobs in the local community.
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