Since 1983, the Mentor Economic Assistance Corporation (MEACO) has been helping businesses throughout Lake County — and Northeast Ohio — to establish or expand their businesses by providing them with long-term, fixed rate financing.
MEACO is a not-for-profit Certified Development Company working in conjunction with the City of Mentor, the Small Business Administration, and local banks to provide low interest loans to Northeast Ohio Businesses, MEACO seeks to advance and promote economic and civic development in Lake County.
Many businesses, as well as local communities, have benefited from economic expansion projects financed through MEACO. Since its inception, MEACO has helped new and existing businesses obtain financing for building construction, expansions, or new equipment purchases.
MEACO Can Help Your Customers
- Conserve working capital — low down payment (typically, 10% of the total project cost)
- Low, fixed long-term rates — no balloon payments
- Real estate and building loans — 20-year term
- Equipment — 10-year term
- Use of Funds
- Machinery and Equipment
- Building Improvements
MEACO Can Help Your Bank
- Reduce Risk
Finance a smaller portion of the project while maintaining a first lien position on 100% of the assets being financed.
- Build Commercial Account Business
Generate incremental revenue through additional new customers and services while participating in the long-term financing
- Make Larger Loans
- Develop a Secondary Market in Their First Mortgage Portion
- Comply with the Community Reinvestment Act
• Extend legal lending limits
• Stimulated the Local Economy through job creation and retention
- Save Time
There’s no SBA paperwork for the lender
” Everything went smoothly once we got involved with MEACO. They were on top of everything, and really pushed it through. MEACO definitely saved us money. The interest rate is considerably lower than if we had gotten the entire amount from a bank. We recommend it.”
President, Alba Contractors