To maintain Mentor’s economic vitality, the City actively engages in the retention and expansion of existing firms, while attracting new growth-oriented industries. To facilitate the process, the City of Mentor has developed the following business services and incentives:
Mentor Incentive Grant (MIG)
Annual performance based grant used to encourage payroll growth and business investment. Grant amount is based on payroll taxes paid to the City and the level of investment being made.
Economic Development Grant (E.D. Grant)
A one-time grant primarily for businesses that are either moving into the City or existing businesses making significant investments in machinery, equipment or building upgrades. Maximum grant is $10,000 and is based on the amount of investment and payroll taxes paid to the City.
Community Reinvestment Area Zones (CRA)
Targeted reinvestment areas (primarily located in the industrial zoned corridor east of Hopkins Road and at the Great Lakes Mall) that provides businesses with real property tax exemptions for developments that increase the property valuation resulting from new construction or the remodeling of existing structures.
Community Reinvestment Area Map
Mentor Village Community Reinvestment Area (Mentor Village CRA)
Targeted reinvestment area created to encourage new development and renovation within the Mentor Village area. The program provides property owners the opportunity for real property tax exemptions for developments that increase the property valuation resulting from new construction or remodeling of existing structures. Commercial projects need City Council approval before starting.
Mentor Economic Assistance Corporation (MEACO)
Based in the Mentor Municipal Center, MEACO is a certified development company whose mission is to advance economic development opportunities within the City of Mentor. MEACO is authorized by the U.S. Small Business Administration to operate the 504 Loan Program and also manages the Mentor Small Business Loan Fund in cooperation with the City of Mentor. These programs have created more than 1,600 jobs and represent millions of dollars in investment.
Small Business Loan Fund
Revolving loan fund created to stimulate growth and expansion of manufacturing, commercial, and retail businesses that demonstrate job creation potential. Maximum loan amount is $25,000, with below market fixed interest rates for a term of 5 years. For more information visit www.meacoweb.com or call the Mentor Economic Assistance Corporation at 440-974-5739.
SBA 504 Loan Program
The 504 loan program is an economic development financing tool administered by the Mentor Economic Assistance Corporation that provides growing businesses with long-term, fixed-rate financing for major fixed assets, such as land, buildings, and heavy machinery. Loan program works with private sector lenders to help secure financing to small businesses. Key advantages are fixed-rates, long term (20-years), and only 10% down payment. For more information visit www.meacoweb.com or call the Mentor Economic Assistance Corporation at 440-974-5739 or contact Thomas Thielman, Executive Director at thielman@cityofmentor.com.
SBA 504 Loan Program Advantages
