Michelin to Provide $1 Million for Business Loan Program - Tire Review Magazine

Michelin to Provide $1 Million for Business Loan Program

On Sept. 1, Michelin North America will launch a new development program to provide loans to new and existing disadvantaged small- and medium-sized businesses located in the Upstate of South Carolina.

MNA will provide the initial funding amount of $1 million for the program, called Michelin Development Upstate. Upstate counties included in the program are Abbeville, Anderson, Cherokee, Greenville, Greenwood, Laurens, Oconee, Pickens, Spartanburg and Union.

The program will focus on new job creation by facilitating low-interest loans, with rates as low as prime, for small- and medium-sized businesses throughout the region that are defined as disadvantaged by the Small Business Administration. The loans, which will have up to 5-year payment terms, will be for $10,000 and up.

In addition to lending financial support, Michelin Development Upstate will provide participating firms with free access to Michelin’s considerable in-house business expertise, the company said.

“Michelin is proud to announce this program, which will help create jobs, promote economic development and support businesses across the Upstate, an area Michelin has called home for nearly four decades,” said Dick Wilkerson, chairman and president of MNA. “This investment demonstrates Michelin’s ongoing commitment to supporting the communities where we maintain a presence.”

Michelin Development Director John Tully will work with key business, government and community leaders to identify candidates to participate in the program. Tully will also lead the establishment of a Michelin Development Upstate Steering Committee to govern the program.

A specific Michelin Development Upstate website is under construction and will launch before the program officially kicks off in September. (Tire Review/Akron)

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