OPELIKA, Ala. (Feb. 8, 2010)—The Michelin Development program for East Alabama has selected its first three local businesses to receive low-interest loans.
The Event Center Downtown, Johnny's New York Style Pizza and Frog Legs Inflatable Party Zone will be granted loans totaling $500,000. Proposed use of the funds could create up to 85 jobs, according to Michelin.
Michelin has dedicated $2 million for the economic development program, which provides funding and business expertise to small- and medium-sized businesses throughout the region.
Michelin continues to accept applications for additional low-interest loans. Loans are available to start-up, new and existing small- and medium-sized businesses located throughout East Alabama with up to five-year payment terms. Applications can be submitted online at www.michelindevelopment.us.
AuburnBank administers loans for the program and works with the Michelin Development steering committee, a group of local business and civic leaders, to review loan applications. Loans are available for accounts of $10,000 and up, and are funded by Michelin North America.