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.
Help with writing a business plan and developing projected financial statements is available for free
from various county organizations.