GREENVILLE, S.C. (Sept. 2, 2009)—Michelin North America Inc. has begun accepting applications for low-interest business loans at its Michelin Development Upstate office, which will serve as the hub for the company's newly implemented economic development program.
Through the office, which is located at the NEXT Innovation Center near downtown Greenville, Michelin said it will provide funding and business expertise for socially and economically disadvantaged small- and medium-sized businesses based in the Upstate of South Carolina.
Michelin tapped Carolina First as its banking partner for the program, which begins with an initial funding amount of $1 million from the tire maker. Carolina First will work with the Michelin Development Upstate Steering Committee, a group of area business and civic leaders, to review applications for the loan program.
Applications that are approved by the committee will go to Carolina First for their normal financial due diligence, Michelin said. Loans for $10,000 and higher will be available and will have up to five-year payment terms.
John Tully, president of Michelin Development Co., will serve as a member of the steering committee, while Dick Wilkerson, chairman and president of Michelin, and Clarence Kegler, chief diversity officer for Michelin, will serve on the program's advisory board.
Companies interested in applying for a loan must be based in one of the following South Carolina counties: Abbeville, Anderson, Cherokee, Greenville, Greenwood.