GREENVILLE, S.C. (Dec. 15, 2009)—Michelin North America Inc. has disbursed loans totaling $115,000 in low-interest loans to three South Carolina businesses as part of a program to help businesses in disadvantage areas of the region.
The company, which has set aside $1 million in its Michelin Development Upstate program, to the Dawg House Grill, Musical Innovations and The Village Ministry of Spartanburg, S.C. The loans offer the potential for the recipients to add jobs to the local economy, Michelin said.
By giving out the loans at time when commercial credit is tight, Michelin is helping businesses that might otherwise be unable to secure traditional funding, said John Tully, president of Michelin Development. He said the program should give the three firms a much-needed boost.
Michelin Development Upstate opened its Greenville office in September. Carolina First administers loans for the program, and works with the Michelin Development Upstate Steering Committee, a group of local business and civic leaders, to review loan applications. Once an application has been approved by the Steering Committee, it undergoes normal financial due diligence by the bank.
Loans are available at $10,000 and up to $100,000, and are funded by Michelin North America