Firm granted economic development loan

The Lake County commissioners have approved a $125,000 economic development loan for Mentor-based Monode Marking Products, Inc.

The funding is coming through Community Development Block Grant funds. According to a memo from Lake County CDBG manager Rhea Benton to the commissioners, the loan will be repaid over a five-year period at a 5.5 percent interest rate.

With the loan, the company will create between four and six new positions, Benton said.

Monode Marking Products, located at 9200 Tyler Blvd, manufactures industrial marking equipment for “permanent part identification, enabling cradle-to-grave traceability of products” according to its website.

The loan will help Monode acquire a product line from a current customer that is liquidating due to retire, Lake County Ohio Port and Economic Development Authority Director of Public Finance Tim Cahill said.

“The Lake County Economic Development fund would help fill a gap necessary to make the transaction happen,” Cahill said.

He added that the loan “allows a local business to grow by adding a new product line, increasing tax revenues and adding up to six new jobs.”

“We appreciate the opportunity and this will allow us to grow some more,” Monode owner Tom Mackey said.

“We appreciate the opportunity and this will allow us to grow some more.” — Monode owner Tom Mackey