Mentor Economic Assistance Corporation (MEACO), through its mission to advance, encourage, and promote industrial, economic and civic development in the City of Mentor and communities throughout Northeastern Ohio, provides economic development financing programs that benefit small businesses and create jobs.
Micro-enterprise Revolving Loan Program
The Micro-enterprise Revolving Loan Program has a maximum loan amount of $25,000, with a minimum of $5,000. Key advantages are below-market fixed interest rates, a term of 60 months, low fees, streamlined documentation, and quick approvals.
SBA 504 Loan Program
MEACO is a Certified Development Company (CDC), a nonprofit corporation that promotes economic development within its community through 504 Loans. MEACO is certified and regulated by the SBA, and works with SBA and participating lenders (typically banks) to provide financing to small businesses, which in turn, accomplishes the goal of community economic development. The 504 Loan program offers small businesses both immediate and long-term benefits, so business owners can focus on growing their business. Some of the top-level benefits include:
- 90% financing;
- Longer loan amortizations, no balloon payments;
- Fixed-rate interest rates; and
- Savings that result in improved cash flow for small businesses.
MEACO International Trade Mission Grant
Each year, the City invites Mentor companies with a focus on the Biotech and Medical Technology industry to accompany them overseas on their International Trade Mission. MEACO has a grant available which will provide $500 to up to five companies to help with traveling expenses. This grant can be used in conjunction with other available grants such as the IMAGE Grant. Simply complete the MEACO International Trade Mission Grant Application and return it to Kelly Conrad, Executive Director, MEACO at firstname.lastname@example.org to begin the review process.
” Because of the room I have now, we can do wine tastings on the weekends. We are able to have a temperature-controlled wine cellar. Nobody in Lake County has the inventory we carry. In the two short years since we moved, we’ve quadrupled our business and doubled our staff.”