Michelin sets up development program

Michelin North America Inc. (MNA) has set up a new development program that will provide loans to new and existing, disadvantaged small and mid-size businesses in upper South Carolina.

MNA will provide $1 million in start-up funding for the program, Michelin Development Upstate.

The program will facilitate low-interest loans for businesses that have been classified as "disadvantaged" by the Small Business Administration.