Michelin Development Upstate Opens Its Doors to Assist Local Businesses

Carolina First tapped as banking partner for low-interest loan program

GREENVILLE, S.C., Sept. 1 -- Michelin will officially begin accepting applications for low-interest business loans today as the company opens the doors of its Michelin Development Upstate office. Located at the NEXT Innovation Center near downtown Greenville, the office will serve as the hub for Michelin's new economic development program to provide funding and business expertise to socially and economically disadvantaged businesses throughout the Upstate.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040818/MICHELIN)

Michelin also announced Carolina First as the banking partner for the program, which will begin with an initial funding amount of $1 million from Michelin North America.

"Michelin is keenly aware of the impact that small- and medium-sized businesses have on creating quality jobs and improving our state's economy," said Dick Wilkerson, chairman and president of Michelin North America. "Michelin Development Upstate is designed to give these companies a boost that enables them to take the next step toward growth in a challenging economic environment. We were pleased to find an eager partner in Carolina First to help administer the program as we reach out to socially and economically disadvantaged businesses across the Upstate."

Carolina First will work with the Michelin Development Upstate Steering Committee, a group of Upstate business and civic leaders, to review loan applications for the program. Once an application has been approved by the Steering Committee, it will go to Carolina First for their normal financial due diligence. Loans will be available at $10,000 and up.

"Carolina First is proud to assist Michelin with this program, which demonstrates a shared commitment to supporting businesses in our communities," said Mike Spitzmiller, Upstate market president of Carolina First. "We applaud Michelin for the considerable investment it continues to make in the Upstate and across South Carolina, as well as for providing an outstanding model for corporate responsibility."

John Tully, president of Michelin Development, has already started work with the Steering Committee to identify clients to participate in the program. In addition to providing financial support for these socially and economically disadvantaged firms, the program will also offer free access to Michelin's extensive business expertise.

"Michelin's goal is to reach deep into communities throughout the Upstate to find the companies that can benefit the most from this program," said Tully. "With our Steering Committee, Advisory Board and bank firmly in place, we are ready to begin the work of creating quality, sustainable jobs in the region."

  Members of the Michelin Development Steering Committee include:
  --  John Tully, president, Michelin Development Company
  --  Abe Swartz, vice president and commercial relationship manager,
      Carolina First
  --  Rajeev Jindal, co-founder, Bunty, LLC
  --  S.T. Peden, president, Minority Economic Development Institute, Inc.
  --  Larry Stevens, director, Small Business Development Center of South
      Carolina
  --  Jill Burroughs, regional director, Small Business Development Center
      of South Carolina
  --  Jonathan Metcalf, business development , Carolina Minority Supplier
      Development Council

  --  Ramon Nieve-Lugo, marketing director, South Carolina Hispanic Chamber
      of Commerce

Michelin also announced an Advisory Board to oversee the program, including:

  --  Dick Wilkerson, chairman and president, Michelin North America
  --  Clarence Kegler, chief diversity officer, Michelin North America
  --  Merl Code, minority entrepreneur and business leader, Ogletree Deakins
  --  Vivian Wong, founder and CEO, Global Trading Consortium, LLC
  --  Brij Khorana, professor emeritus, Rose-Hulman Institute of Technology
  --  Evelyn Lugo, president, South Carolina Hispanic Chamber of Commerce
  --  Tim Reed, co-founder, Upstate Carolina Angel Network

  --  Robyn Hamilton, president, Carolinas Minority Supplier Development
      Council

  How to Apply

Applications for Michelin Development Upstate low-interest loans will be accepted online at www.michelindevelopment.us. Once a business owner registers and receives a unique user login, they will be asked to complete an "Expression of Interest" form outlining business plans and strategies.

Michelin Development Upstate loans are available to socially and economically disadvantaged small- and medium-sized businesses throughout the Upstate of South Carolina.

To qualify for the program, companies must be based in one of the following Upstate counties: Abbeville, Anderson, Cherokee, Greenville, Greenwood, Laurens, Oconee, Pickens, Spartanburg and Union. Loans will have up to 5-year payment terms.

Dedicated to the improvement of sustainable mobility, Michelin designs, manufactures and sells tires for every type of vehicle, including airplanes, automobiles, bicycles, earthmovers, farm equipment, heavy-duty trucks, motorcycles and the space shuttle. The company also publishes travel guides, hotel and restaurant guides, maps and road atlases. Headquartered in Greenville, S.C., Michelin North America (www.michelin-us.com) employs 22,500 and operates 19 major manufacturing plants in 17 locations.

Photo: http://www.newscom.com/cgi-bin/prnh/20040818/MICHELIN