GREENVILLE, S.C. (Aug. 10, 2010) — Michelin North America Inc. has committed another $1 million to its Michelin Development Upstate low-interest loan program to create jobs and spur economic growth in 10 upstate counties in South Carolina. The new cash influx doubles the company's investment in the program it started a year ago.
“Over the past year, Michelin Development Upstate has approved more than $1.1 million in low-interest loans that are projected to create 460 new jobs in the region over the next five years. That´s great news for all of us,” said Dick Wilkerson, chairman and president of Michelin North America. “Building on that success, and based on the overwhelming number of applications we continue to receive, Michelin is committing an additional million dollars, guaranteeing a total of $2 million in loans for the area. As the first loans are repaid, those funds will become available for new businesses to succeed.”
Michelin Development offers socially and economically disadvantaged small- and medium-sized businesses low-interest loans of up to $100,000 as well as access to Michelin's business expertise.