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Success StoriesMeaco Helps Bring Pediatric Dental Practice To MentorFamilies Happy with Dentists' Convenient New Location "We had spoken to many different banks looking for funding, and they required so much paperwork. With MEACO everything was streamlined." - Dr. Lisa Richards, Dental Specialists of Lake County
Drs. Lisa Richards and Andrea Miller, pediatric dentists, were outgrowing their space in Willoughby and were considering a satellite practice. They discovered that Dr. Bradley Kmentt, an orthodontist in Mentor, was building and would have a unit for lease. When they saw the location, within seconds from the Center St. exit from Route 2, they decided to relocate their offices. "Most of our families are from Mentor, Concord and points east," Richards said. "Many of them are thrilled we are here." Kmentt, who was financing his construction with a loan package from MEACO, was able to redesign the project, adding square footage to the building to create an office condominium. Richards and Miller purchased the second suite and equipped it with state-of-the-art sterilization equipment, digital x-rays and all new dental equipment with a $1.2 million funding package which includes a $500,000 SBA 504 Loan obtained through MEACO. "We tailed on with what Dr. Kmentt was already doing with MEACO," Richards said. "They made it very easy for us to do an SBA loan. We had spoken to many different banks looking for funding, and they required so much paperwork. With MEACO everything was streamlined. MEACO was very specific about what was needed, and nothing was excessive. Also, Tom Thielman was happy to come to our place of business to meet with us. That makes it so much more convenient for the business owner." "We had a really good experience with MEACO," Richards said. "We always felt they were interested in us. We truly appreciate the way the city of Mentor, along with MEACO, has welcomed us here - and we are very happy to be here!" Meaco Gets Jones Printing A Great Rate In Record TimeNew Equipment Allows for Expanded Capabilities for Printing Company "Thanks to MEACO, the project was wrapped up in two months. Now, we are running much larger jobs than we could economically do before." - Jim Jones, Jones Printing
"We had a limited window to execute this purchase," Jones said. "MEACO was able to do the funding package, helping us with everything. They walked us through the process and helped with all the forms and paperwork. They gave us the complete rundown. I had to work with only Tom Thielman from MEACO and my accountant. After the application was sent, it came back 3 days later. I got a better loan structure and a better interest rate." Jones' total loan package came to $259,000, with an SBA 504 Loan in the amount of $105,000. Jones began the loan process with MEACO in late November, 2007. In January, 2008, with his new press already in place, Jones said he was already getting orders based on the company's new capabilities. "Thanks to MEACO, the project was wrapped up in two months. Now, we are running much larger jobs than we could economically do before," he said. "These are jobs that are far more expensive on a copier. The new press helps with profitability and is also much faster than what we had before." Holiday Inn Express & Suites - LaMalfa"Talk about people working with you! This was the deal maker for us." - Mike LaMalfa, Holiday Inn Express & Suites LaMalfa
"Of course the numbers have to be there for any expansion you do," owner Mike LaMalfa said. "But when you are working with MEACO, it makes the bank feel more comfortable. They see that MEACO is going out on limb, too. It shortens the bank’s exposure. When you are doing a project, you have to sell it to the bank. You have one guy in your corner - the loan officer - who’s trying to sell you to his board. If he can say, 'Oh by the way, SBA and MEACO are also involved,' it’s a huge plus for him to make your project look like a good risk." Now Holiday Inn Express & Suites LaMalfa has Mentor’s largest indoor swimming pool, 10 extended stay suites, a breakfast bar, patio, fitness center and elevator, and is better able to serve the business traveler as well as its events clients. World Wines"In the two short years since we moved, we've quadrupled our business and doubled our staff." - Alan Iacafano, World Wines
He was a tenant in a 4,000 square foot shop in a strip center and the lease was coming up. He wanted to expand the business and also develop a retirement rental income. The old Sam’s Golf building on the corner of Little Mountain Road and Mentor Avenue, at 17,000 square feet, was just what he was looking for - but it needed a new look. "I wanted to leave any thought of this being a golf business behind, so I had to completely redo the front," Iacafano said, "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." Meaco Helps Keep Business In The FamilyNext Generation Takes Over Fairport Harbor Bowling Alley "When I saw in the paper that MEACO had been involved with other deals outside of Mentor, I called them." - Jerry Rich, Rich Lanes
Through MEACO, the Mentor Economic Assistance Corporation, the brothers were able to structure a $390,000 loan package, with $136,000 coming from an SBA loan. "In addition to the purchase, we needed to tear down a building on the property and enlarge and improve our parking lot," Jerry Rich said. "I was looking for funding. When I saw in the paper that MEACO had been involved with other deals outside of Mentor, I called them." "MEACO was very helpful, wonderful!" Rich said. "Tom Thielman came out for an introductory meeting within a week from the time I called. He laid out all the processes we needed to go through. For the most part, the whole thing was seamless." Rich said he began working with MEACO early in the summer in 2007, and by fall the project was complete. "MEACO was very, very helpful," he said "We were kept informed all along the way. We always knew what needed to be done." Alba Contractors"MEACO definitely saved us money. The interest rate is considerably lower than if we had gotten the entire amount from a bank. We recommend it." - Albert Sluga, Alba Contractors
"Everything went smoothly once we got involved with MEACO," Sluga said, noting that working with MEACO on the SBA 504 Program gave him more credibility with the commercial bank he used for the first half of his $455,000 funding package. "They were on top of everything, and really pushed it through," he said. "We needed to start construction in early spring – and with the help of MEACO, we were on time," Sluga said. "They helped fund the building and followed through with everything they said they would do. We were good to go." All Around Gymnastics Academy"We’ve increased our enrollment, our number of employees, and our presence in the community." - Tom Logar, All Around Gymnastics Academy
"The people at MEACO were an absolute pleasure to deal with. It was just a matter of doing a couple of applications and interviews, presenting the project and business plan, a personal resume and my history with the city. Then it went to review with MEACO's committee. I only met with them a couple of times, mostly for financial statements. MEACO was excellent in helping me out with everything, the most accommodating and helpful people on the entire project. I would highly recommend that businesses go to MEACO for financing if they need that kind of loan." Dr. Bradley Kmentt"The city of Mentor had been very helpful in putting together this project, so since they had an SBA option, I wanted to go with it." - Dr. Bradley Kmentt
Dr. Kmentt said MEACO made applying for his loan an easy process. "I just went in and did what I was asked to do," he said. "They handled everything for me. Of course the biggest advantage was the low down payment and interest rate, but working with MEACO was advantageous, too. It only took a few weeks once I had approval from the bank." |
Success StoriesDental Specialists of Lake Count Holiday Inn Express & Suites - LaMalfa MEACO / City of Mentor Ph: (440) 974-5739
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With the help of MEACO, the Mentor Economic Assistance Corporation, Dental Specialists of Lake County has moved to 8484 Market St. Unit B in Mentor.
When Jim Jones, owner of Eastlake's Jones Printing, met Tom Thielman from the Mentor Economic Assistance Corporation (MEACO) at last year's Lake Business Expo, he had already decided to expand his business by adding a new digital color waterless press. The equipment would enable the company to serve a niche market between digital color printing and a huge four color press that produces only very large runs. "This press does short to medium runs in full color," he said. "We knew what we wanted, and had done our research."
To compete in the area’s growing hospitality business, Holiday Inn Express & Suites LaMalfa needed to expand their facilities and add a pool, but couldn't put together enough funding from conventional lenders. MEACO helped restructure the deal, lowering the amount LaMalfa borrowed from the bank, and providing 40% of the funds at a more favorable interest rate.
MEACO’s SBA 504 Loan Program helped Mentor’s World Wines & Liquor finance a new building that more than doubles its retail space and also provides a rental income for owner Alan Iacafano.
Jerry Rich and his brother Brian are the third generation of their family to run the family business, Rich Lanes at 637 High Street in Fairport Harbor, a bowling alley with eight lanes, a snack bar and tavern. They purchased the business from their parents three years ago, and now wanted to buy the property on which it stands.
Alba Contractors, a full-service concrete and construction firm, wanted to move from their location in Wickliffe to Mentor. "We needed a place big enough for our trucks, equipment and offices," owner Albert Sluga said. He had found the right location, but needed to work out the construction funding. The company had been to two banks and not found much interest before they started working with MEACO.
All Around Gymnastics Academy Inc., a Mentor gym that trains children in gymnastics and cheerleading, was able to more than double its space with the help of an SBA 504 loan from MEACO. "I own a gymnastics school, and after 13 years I was looking to expand," said owner Tom Logar. "I found an acre and three quarters on Pinecone Drive in Mentor, and built a new, 12,000 square foot gym. The total cost was $750,000."
Dr. Bradley Kmentt’s orthodontic practice had outgrown its office, and his lease was expiring. “We had to expand the practice,” he said, noting he had weighed several options before choosing to build and design a facility best suited to his patients’ needs. With the help of MEACO, he is building a 3,742 square foot office duplex at the interchange of State Route 2 and Center Street. The cost of the project is $850,000, and the finance package includes a $340,000 SBA 504 Loan provided through MEACO. He was directed to MEACO by his primary, conventional lender.