MEACO (Mentor Economic Assistance Corporation) has been assisting businesses with long term financing for almost 35 years. The non-profit community development corporation was established in 1983 to stimulate small business growth in the City. Today, MEACO helps all types of small businesses throughout Northeast Ohio obtain financing for building construction, expansions and new equipment purchases. They administer the SBA 504 loan program which provides long-term, fixed-rate financing which requires only 10% down for projects between $250,000 and $10 million.
For those Mentor businesses who need a smaller loan, MEACO operates the Mentor Small Business Loan Fund. These business-friendly loans of up to $25,000 are available to manufacturing, commercial enterprises, retailing, and warehousing and distribution businesses. Recently three Mentor businesses have taken advantage of the City of Mentor Small Business Loan Fund to help with start-up and equipment costs.
All City Candy opened their new Mentor store this past October. The sweet-lover’s paradise offers 5,000 different items including novelty candies, chocolates, nuts and retro treats. With MEACO’s assistance, owner Elisabeth Sapell secured financing for lease-hold improvements and build-out, equipment, and inventory, for this sweet retail shop located at 7441 Mentor Avenue.
Popular Mentor restaurant, Noosa Bistro, took advantage of the Mentor Small Business Loan when they moved to their new location at 9500 Diamond Centre Drive. The restaurant reopened with an expanded menu, larger bar and more seating to serve hungry customers. Owner Mary Susan Stanovsek is grateful for the help from MEACO.
With a little help from MEACO, Amy and Dave Wojciechowski realized their dream and opened the Mentor Salt Cave. Located in the Colonial Plaza at 7501 Mentor Avenue, the business offers 45-minute salt cave sessions, 30 minute ionic salt foot baths, and a retail store featuring Himalayan salt products.
If you’re thinking about opening or expanding your business, you owe it to yourself to find out more about what MEACO has to offer. Visit meacoweb.com or call Executive Director, Tom Thielman at 440-974-5739.