Home to over 300 manufacturers, 325 retailers, 175 eateries, and much more!
Mentor isn’t just a great place to live, it’s a great place to do business. The city boasts a robust and diverse base of over 1,700 established businesses operating in manufacturing, retail and restaurants, and professional services.
This diversity results in a healthy and resilient business ecosystem…and that’s no accident. City leaders work hard to strengthen this base and help protect us from economic downturns by attracting new businesses as well as retaining the ones that already call Mentor home.
It’s no secret that manufacturing is the backbone of our economy. Although Mentor ranks 20th in the state in terms of population, the city ranks 7th in the number of manufacturers and 8th in manufacturing employment according to the latest economic census. Today, Mentor is home to over 300 manufacturers including industry leaders like STERIS, Avery-Dennison, Buyers Products, Volk Optical, Race Winning Brands, Lincoln Electric, and others whose goods are sold around the world. One notable addition is DeNora Tech which invested over $30 million in their new Mentor facility in 2019.
In addition to the names you know, there a number of other companies who specialize in advanced manufacturing, polymers and chemicals, electronics, medical technologies, and aerospace who are a part of the manufacturing supply chain.
With over 300 retailers and 175 eateries, Mentor is a regional shopping and dining destination. Despite the pandemic and overall consumer trends, retail remains stronger in Mentor than in other markets with a number of new business openings. In fact, as of Q4 2020, 92.6% of available retail space was occupied. New construction and repurposing of existing space continues to meet and adapt to consumer demands.
The Norton Parkway corridor is becoming an important office and medical hub in our community as a number of healthcare and wellness related operations have opened in the past several years. The Cleveland Clinic recently announced that they will break ground on their new Mentor hospital facility near the intersection of I-90 and SR-615 by the end of 2021 with the goal of serving patients early 2023.
Attracting these types of investment and the jobs that they bring is the primary goal of the Planning and Development Department. A strong business base is the engine that powers a strong community and supports quality municipal services like our top-rated police and fire departments, as well as the construction and maintenance of city infrastructure including parks, facilities, and roadways.
The City has a variety of tools at their disposal to make it easy to do business including assistance programs, business services and tax incentives. One great resource is the Mentor Economic Assistance Corporation (MEACO) which helps small and mid-sized businesses obtain low interest loans to purchase or modernize property or equipment. Grant and tax incentive programs tied to job generation are also available. The past year has offered a unique set of challenges, but the city worked hard to help businesses weather the pandemic with through creative access to programs and grants.
Our economic development efforts also collaborative efforts with partner agencies such as the Alliance for Working Together, JobsOhio, BioOhio, TeamNEO, and the Lake County Port and Economic Development Authority, to offer business resources as well as strengthen our workforce.
One program focuses on attracting direct foreign investment to our community and helps Mentor businesses reach foreign markets. The Mentor International Trade Initiative (MITI) has been in operation since 2014 and has resulted in investment from the United Kingdom, Italy, and Israel. MITI’s recently announced a partnership with the Monte Ahuja College of Business at Cleveland State University’s Small Business Development Center’s Export Assistance Network (EAN) and with Medilink Midlands in the United Kingdom to expand their capability.
As you can see, business as usual is a bit different in Mentor. Find out all of the ways that Mentor can help your business at www.mentormeansbusiness.com.
Article originally published in the 2021 edition of Mentor City Magazine.