Michelin begins administering business loans
Three diverse South Carolina businesses are ending 2009 with new funding, thanks to Michelin North America Inc.
Dawg House Grill, Musical Innovations and The Village Ministry of Spartanburg have been selected to receive the first set of Michelin Development Upstate loans totaling $115,000. Michelin has dedicated $1 million for the economic development program, which provides funding and business expertise to socially and economically disadvantaged businesses throughout the region.
“At a time when commercial credit is tighter than ever, Michelin is proud to provide low-interest loans for these businesses that are poised for growth, but might not otherwise be able to secure traditional funding,” says John Tully, president of Michelin Development. “Michelin knows that small- and medium-sized businesses are the lifeblood of our state’s economy."
Michelin Development Upstate opened its Greenville, S.C., office in September 2009. 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 Greenville-based Michelin North America.
To qualify for the program, companies must be based in one of the following upstate South Carolina counties: Abbeville, Anderson, Cherokee, Greenville, Greenwood, Laurens, Oconee, Pickens, Spartanburg and Union. Loans will have up to 5-year payment terms.