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Mentor Economic Assistance CorporationLow-Cost Financing MEACO (Mentor Economic Assistance Corporation), is a not-for-profit Certified Development Corporation working in conjunction with the City of Mentor, Small Business Administration and local banks to provide low interest loans to Mentor and Northeastern Ohio Businesses. Since 1983, MEACO has been helping businesses with long term, fixed rate financing. MEACO was originally established as a tool to stimulate small business growth in Mentor, Ohio. Today, MEACO assists small businesses throughout the tri-county area. Numerous businesses, as well as local communities, have benefited from economic expansion projects financed through MEACO. Since its inception, MEACO has helped new and existing businesses obtain financing for building construction, expansions or new equipment purchases. This work has resulted in the retention and creation of more than 1,500 jobs. SBA 504 Loan Program The SBA 504 Loan Program provides long-term, fixed rate financing at below market interest rates. Virtually all for-profit small businesses with a net worth of less than seven million dollars are eligible. One of the great advantages of the loan program is that the business only has to put down 10% equity, freeing up cash for other important expenses. The 20-year term is also a great benefit, knowing that your building expenses are going to be the same for the next 20 years is a large competitive advantage and provides peace of mind. The SBA 504 Loan Program can lend up to $1.5 million dollars and in some cases (depending on your type of business) can lend as much as $4.0 million. Download SBA 504 PDF City Of Mentor Small Business Loan Fund For those businesses looking for a smaller loan to purchase equipment or make some building improvements, the Mentor Economic Assistance Corporation operates a Small Business Loan Fund in conjunction with the City of Mentor. This loan is only for businesses located in Mentor, but does provide financing of up to $25,000 at fixed rates for a five-year term. Download Small Business Loan Fund PDF | Application PDF 
Download: MEACO Brochure
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Success Stories With the financing package that MEACO helped put together, I was able to purchase the building and do a facelift. Now, my store occupies 9,000 square feet and I have a tenant, currently an attorney, in another section of the building. Within six months I hope to own and operate a wine bar in the middle section. My retirement will be rentals paid from the building once the loans are paid off. - Alan Iacafano, World Wines & Liquor MEACO / City of Mentor Ph: (440) 974-5739
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