Michelin Loans Boost Three Upstate Businesses

First wave of Michelin Development Upstate loans totaling $115,000 will help create 36 potential jobs in the region

GREENVILLE, S.C., Dec. 15 -- Three Upstate businesses are ending 2009 with new funding -- and beginning the new year with the potential to add jobs to the local economy.

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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," said John Tully, president of Michelin Development. "Michelin knows that small- and medium-sized businesses are the lifeblood of our state's economy. We are confident that this program will help provide these local businesses with a much-needed boost."

The three companies selected for Michelin Development Upstate loans include start-up, new and existing businesses. They are:

  --  Dawg House Grill - Founded by Jimmy Sercey, Jr. in May 2008, the Dawg
      House Grill restaurant on South Pleasantburg Drive in Greenville has
      plans to expand in the coming year to include a location in the
      downtown Greenville area.

"Michelin has given us the opportunity to grow in the Upstate market. This low-interest loan won't drain my bottom line, so we can reinvest in the business to pursue new opportunities, not just to open a second location, but also to expand for more special events and catering," says Sercey.

  --  Musical Innovations - With over 35 years of experience in music
      education and more than 15 years in the music industry, Tracy Leenman
      started this instrument sales and rental company from her home in
      February 2009. Five months later, Musical Innovations expanded into a
      storefront at the corner of Butler and Tanner Roads in Mauldin.  In
      addition to providing instruments and accessories for area school
      music programs, the business also offers music lessons from private
      teachers. Leenman, who currently has two employees, expects to double
      her office space and significantly increase employee hours in the
      coming year.

"We are expanding fast, so we needed to invest in infrastructure such as new software to track and computerize inventory, which we couldn't do without the Michelin Development Upstate loan. It has also helped us manage cash flow," says Leenman, who also plans to take advantage of free Michelin business expertise in payroll and for various tax-related issues.

  --  The Village Ministry of Spartanburg - This non-profit organization was
      started in 2005 by long-time educator and minister Carolyn Reed-Smith
      as an after school program to tutor and mentor disadvantaged children.
      Today, The Village Ministry of Spartanburg also provides a two-week
      summer sports camp and offers job seeking and training services for
      parents of the children it serves.

"While we are a non-profit organization and we do receive state funding, that funding doesn't kick in until the end of the year. This loan enabled us to start and expand an educational program early in the school year to make more of a difference for these children, at a time in their lives when every single day counts," said Ean Reed, assistant director of The Village Ministry of Spartanburg.

"These companies represent a diverse cross-section of the local small business community, and Michelin looks forward to becoming part of their success stories in the future," said Tully. "As we move forward with this program, Michelin remains committed to helping create quality, sustainable jobs and supporting economic growth across our area."

Michelin continues to accept applications for additional low-interest loans. Applications can be submitted online at www.michelindevelopment.us. Once a business owner registers and receives a unique user login, they will be asked to outline business plans and strategies.

Michelin Development Upstate opened its Greenville 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 Michelin North America.

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 21,500 and operates 18 major manufacturing plants in 16 locations.

For more information, visit www.michelinmedia.com

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