Michelin Development Upstate Offers Loan Program To Assist Local Businesses
Michelin is accepting applications for low-interest business loans as the company continues to award assistance to small businesses in the Upstate. Michelin Development has an office location at the NEXT Innovation Center near downtown Greenville serving as the hub for Michelin’s economic development program that is providing funding and business expertise to socially and economically disadvantaged businesses throughout the Upstate.
Carolina First is the banking partner for the program, which began with an initial funding amount of $1 million from Michelin North America. Carolina First is working 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 goes to Carolina First for their normal financial due diligence. Loans are available at $10,000 and up.
John Tully, president of Michelin Development, works closely 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 also offers free access to Michelin’s extensive business expertise.
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
Members of the Michelin Advisory Board, created to oversee the program, include:
- 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 http://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 their business plan and strategy.
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.