The Mentor Economic Assistance Corporation is a Certified Development Company (CDC), which is certified by the Small Business Administration (SBA) to administer the 504 Loan Program. The 504 Loan Program is an economic development tool that provides small businesses with long-term, fixed rate, subordinate mortgage financing and acquisition and/or renovation of capital assets including land, buildings, and equipment. Virtually all types of
for-profit small businesses are eligible for this program.
MEACO is committed to enhancing the economic development of the City of Mentor through helping small business owners structure financing for fixed asset purchases (land, building, machinery and equipment) under the SBA 504 Loan Program. The primary benefits of the program are longer loan terms, fixed interest rates, and lower down payment requirements.
MEACO may assist a small business concern (SBC) to obtain long-term fixed rate financing for the purchase of land and/or existing building, new construction, modernization, or conversion of its facility and/or purchase of new machinery or equipment. SBA 504 funds may not be used for working capital or debt refinancing.