Areas Served: Ashtabula County
The 503 Corporation administers a Revolving Load Fund.
The fund has been capitalized over the years with monies from State and Federal resources.
These funds are loaned to businesses in Ashtabula County, usually below market rates.
As the loans are repaid, with interest, the Load Fund money becomes available to lend th the next business in need of financing.
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 under exceptional circumstances.
How may 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 restrictions on funds? The 503 load funds can only finance up to 40% of eligible project costs.
100% financing cannot be provided.
A bank or other lending source is required to participate in the financing needs.
The borrower is required to contribute at least 10% of the project costs.
Loan amounts are typically $7,500 to $150,000. Larger loans may be considered, depending on the project, need and availability of funds.
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.
Contact InformationAshtabula County 503 Corp
Address: 17 N Market St
City: Jefferson
State: Ohio
Website:
http://ac503corp.org/about_us.htm
Leave a Reply