Stoke-on-Trent based Michelin, backing the project through its Michelin Development initiative, has expressed disappointment at the indifferent response.

Since launching the North Staffordshire business challenge in mid-July only a handful of enquiries have trickled into the tyre major’s Stoke offices, and no new loan approvals have been granted. Michelin threw down the funding gauntlet after figures revealed the Staffordshire region was one of the country’s worst performing areas for new business development and start-ups, with no loans approved or jobs created through the scheme at all during 2008.

“We issued the challenge last month with a view to invoking a North Staffordshire renaissance, returning to the times when the region accounted for almost half of the jobs created by our fund,” commented Dave Smith, Michelin Development’s business development manager for North Staffordshire. “So far the response we have had has been somewhat muted and we once again issue the rallying call to entrepreneurs in the region to take advantage of what is a great business development opportunity – one we believe is the best out there.

“It would be a crying shame to see the money we have available not used and with it a great opportunity to inject capital and business growth into the North Staffordshire region,” he added.

Michelin Development remains hopeful, however, that the situation will change in the coming months, with the cash in the funding kitty proving too good to resist for would-be entrepreneurs. Michelin points to the example of companies who took up the challenge in the past; a great number of these are today flourishing businesses. In its five years of existence, Michelin Development has in total provided assistance to more than 100 new enterprises. (Tyres & Accessories/Staffordshire, U.K.)