Mentor Economic Assistance Corporation (MEACO)

The Mentor Economic Assistance Corporation (MEACO) is a 501(c)(4) nonprofit organization dedicated to promoting economic growth and development in Mentor, Ohio, and surrounding areas in Northeastern Ohio. Established in 1983, MEACO functions as a Certified Development Company (CDC), certified by the Small Business Administration (SBA) to administer the SBA 504 Loan Program.

Mission

MEACO's primary mission is to advance, encourage, and promote industrial, economic, and civic development within its community. By offering specialized financing programs, MEACO helps small businesses and fosters job creation, thereby enhancing local economic vitality.

Programs and Services

SBA 504 Loan Program MEACO utilizes the SBA 504 Loan Program as a key tool for economic development. This program allows small businesses to obtain long-term, fixed-rate financing for the purchase, construction, or renovation of capital assets, including land, buildings, machinery, and equipment. The program is structured with participating lenders typically providing 50% of the project cost, the SBA covering 40%, and the borrower contributing 10%. Key benefits include 90% financing, fixed interest rates, and longer loan amortizations without balloon payments, which improve cash flow for small businesses[2][3].

Micro-enterprise Revolving Loan Program This program offers financing to small, brick-and-mortar businesses in Mentor, with loan amounts ranging from $5,000 to a maximum of $25,000. The advantages include below-market fixed interest rates, streamlined documentation, and quick approvals[2].

International Trade Mission Grant Annually, MEACO provides grants to support Mentor businesses in the biotechnology and medical technology sectors during international trade missions. The grant helps cover travel expenses, and applicants can combine it with other available grants[2].

Impact

Over the years, MEACO's loan programs have significantly contributed to the local economy by creating over 2,000 jobs and injecting more than $27 million into the community[1].

Structure and Operation

As a CDC, MEACO operates with a personal approach, providing direct interaction between borrowers and the organization's staff. This personal connection facilitates a streamlined process for loan applications and servicing, allowing for quicker loan closures compared to larger CDCs[1].