Does my business qualify for a MEACO loan?
If you're located in Mentor, or thinking of locating here, there's an excellent chance that it does! As with any loan, you'll need to provide financial data on your company as a part of the application process. You'll also need to demonstrate that the loan will create jobs in the city.
Are there any types of lending that MEACO won't handle?
Yes. Inventory investment and working capital, for example are not eligible for funding with MEACO.
Why is MEACO a good financing source for my business?
For several reasons. Two of the biggest are that (1) MEACO loans are fixed rate -- not variable rate, (2) the business itself is required to provide only 10% on the project -- significantly less than with traditional bank financing.
Just 10% down?
Yes. In a typical scenario, a private lending institution funds 50% of the project, MEACO arranges to fund up to 40% through the SBA 504 program, and the business provides the remaining 10%.
How long can the term of the loan be?
10 or 20 years, depending on the life of the asset being financed.
What types of projects has MEACO funded so far in Mentor?
We've helped many local companies. We have some of their success stories on this website.
Are there application fees, or other costs?
All applicants are required to pay a $250 application fee. Other nominal fees are simply rolled into the loan amount and repaid over the term.
How do I find out more?
Just call the MEACO office at 440-974-5739. Or, drop us an and we'll be in touch.