The Mentor Economic Assistance Corporation (MEACO) is a non-profit Certified Development Company created to encourage new and small businesses in Mentor and Lake County. Established in 1983, MEACO has helped over a hundred small businesses achieve success.
Both new and established businesses can take advantage of MEACO’s U.S. Business Administration 504 loan financing provides (up to $5 million) long term, fixed interest rate with lower down payment requirements. Funds may be used for purchase of land & building, building improvements, machinery and equipment or to refinance debt in connection with business expansion. MEACO also offers Mentor businesses more modest small business loans (up to $25,000) at below market fixed interest rates.
“MEACO is the only SBA Certified CDC physically located in Lake County. The partnership of MEACO and the City of Mentor lends a wealth of knowledge on local incentives and grants to take advantage of including, but not limited to, tax abatements, tax increment financing, incentive and economic development grants which combined could offset initial project costs,” says Mentor Economic Development Administrator Kelly Conrad, who oversees the MEACO Program.
If you’re looking to start or expand your business, MEACO may be able to help. Contact Kelly Conrad at conrad@cityofmentor.com or (440) 974-5740 for additional information.