The Scotsman newspaper reports that the scheme, which has provided companies in Dundee with more than half a million pounds of funding and created 275 local jobs, will soon be extended to surrounding businesses and towns.

Simon Goring, Michelin business development manager, told the paper, "we have decided to take this step after receiving inquires from firms in the Dundee area. As a result, we will be casting a wider net, although firms in Dundee are still welcome to come forward for funding."

On offer since February 2004, the business funding is provided as unsecured base interest rate loans, the risk for which is covered by Michelin.