GREENVILLE, S.C. (July 9, 2009)—Michelin North America Inc. has announced it will establish a development program to provide loans to new and existing small businesses in upstate South Carolina that are suffering in the economic downturn.
The Michelin Development Upstate program will begin Sept. 1 with initial Michelin funding of $1 million, the company said in a press release.
Business in 10 upstate counties in South Carolina—Abbeville, Anderson, Cherokee, Greenville, Greenwood, Laurens, Oconee, Pickens, Spartanburg and Union—are eligible for the loans, Michelin said. The program will focus on new job creation by facilitating low-interest loans, with rates as low as prime, to small, medium-sized and startup businesses in those counties that the U.S. Small Business Administration defines as disadvantaged.
In addition to the loans, Michelin Business Development will provide eligible firms with access to Michelin's in-house business expertise, the company said.