The City of Mentor actively engages in business attraction, expansion and retention and offers an array of programs, services and incentives to help businesses achieve their goals.
Mentor International Trade Initiative
The Mentor International Trade Initiative (ITI) assists Mentor-based companies explore international market opportunities by offering export assistance, seminars on topics related to export and international sales, and helping to identify suitable international companies for business partnerships. These services are available at no cost to Mentor companies or those planning to locate in Mentor. Learn more.
Incentives & Grants
A multi-year, performance-based grant. The applicant proposes a level of investment consisting of an extended or new property lease, real property investment, and/or personal property investment – all linked to the creation of new payroll and jobs. The annual grant amount is based on the company’s new payroll that results from the project. Applicants can receive up to 50% of the value of income taxes paid to the City for up to 10 years.
The one-time grant is primarily for businesses that may not qualify for the MIG, or special needs such as a sign or moving expenses. The maximum grant of $10,000 is based on the amount of investment and payroll taxes paid to the City.
Targeted reinvestment areas provide property owners with real property tax exemptions for new construction or remodeling that increases the property valuation.
Mentor Economic Assistance Corporation (MEACO), through its mission to advance, encourage, and promote industrial, economic and civic development in the City of Mentor and communities throughout Northeastern Ohio, provides economic development financing programs that benefit small businesses and create jobs.
Learn more at meaco.us.
Micro-enterprise Revolving Loan Program
The Micro-enterprise Revolving Loan Program has a maximum loan amount of $25,000, with a minimum of $5,000. Key advantages are below-market fixed interest rates, a term of 60 months, low fees, streamlined documentation, and quick approvals.
SBA 504 Loan Program
MEACO is a Certified Development Company (CDC), a nonprofit corporation that promotes economic development within its community through 504 Loans. MEACO is certified and regulated by the SBA, and works with SBA and participating lenders (typically banks) to provide financing to small businesses, which in turn, accomplishes the goal of community economic development. The 504 Loan program offers small businesses both immediate and long-term benefits, so business owners can focus on growing their business. Some of the top-level benefits include:
- 90% financing;
- Longer loan amortizations, no balloon payments;
- Fixed-rate interest rates; and
- Savings that result in improved cash flow for small businesses.
MEACO International Trade Mission Grant
Each year, the City invites Mentor companies with a focus on the Biotech and Medical Technology industry to accompany them overseas on their International Trade Mission. MEACO has a grant available which will provide $500 to up to five companies to help with traveling expenses. This grant can be used in conjunction with other available grants such as the IMAGE Grant. Simply complete the MEACO International Trade Mission Grant Application and return it to Kelly Conrad, Executive Director, MEACO at email@example.com to begin the review process.
Learn more at meaco.us.
Targeted reinvestment area created to encourage new development and renovation of both commercial and residential properties within the historic Mentor Village area. The program provides property owners with real property tax exemptions for developments that increase the property valuation.
JobsOhio Workforce Grant
The JobsOhio Workforce Grant was created to promote economic development, business expansion, and job creation by providing funding for the improvement of worker skills and abilities in the State of Ohio.
JobsOhio Economic Development Grant
The JobsOhio Economic Development Grant was created to promote economic development, business expansion, and job creation by providing funding for eligible projects in the State of Ohio. Grant eligibility is based on several project factors, including job creation, additional payroll, fixed-asset investment commitment, project return on investment, and project location, among others.
Job Creation Tax Credit
The Job Creation Tax Credit is a refundable tax credit to companies creating at least 10 new jobs (within three years) with a minimum annual payroll of $660,000 that pay at least 150 percent of the federal minimum wage. The tax credit is measured as a percentage of the state income tax withholdings for all new employees hired under the program, and is applied toward the company’s commercial activity tax liability. Should the amount of the credit exceed the company’s commercial activity tax liability for any given year, the difference is refunded. A business must apply for the credit before committing to the project. Applicants must be approved through the Ohio Tax Credit Authority before hiring begins.
Research and Development Investment Loan
The Research and Development Investment Loan Fund provides loan financing between $500,000 and $5 million for projects primarily engaging in research and development activity. Rates are fixed (at- or below-market rates) with other loan terms similar to those of commercial bank financing. Companies receive a dollar-for-dollar, non- refundable Ohio commercial activity tax credit for principal and interest payments made during the year up to $150,000 during the loan term.
Grants.gov is your source to find and apply for federal grants. Grants.gov is a central storehouse for information on grants from multiple federal agencies. Grants.gov lists over 1,000 grant programs and provides access to approximately $500 billion in annual awards.
EB-5 Visa for Immigrant Investors
EB-5 Visa for Immigrant Investors Department of Homeland Security US Citizenship and Immigration Services Incentive: EB-5 is a visa preference category that is available to immigrants seeking to enter the United States in order to invest in a new commercial enterprise that will benefit the US economy and create at least 10 full-time jobs. There are two ways to invest which you may use within the EB-5 category and they are: creating a new commercial enterprise or investing in a troubled business. Eligibility: Applicants must invest at least $500,000 into the U.S. and create at least 10 full- time jobs.