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SMALL BUSINESS : Small Business Loans : Michelin will provide small loans to start-up businessesGreenville-based Michelin North America launched a new program Tuesday to provide small business loans to disadvantaged companies across the Upstate and named its banking partner that will administer the loans. Michelin Development Upstate, which is beginning with initial funding of $1 million from the tiremaker, will focus on promoting economic development by facilitating low-interest loans that have interest rates as low as prime, to start-up small- and medium-sized companies that qualify. Carolina First bank will work with a steering committee for the program comprised of Upstate business leaders to review applications for loans of $10,000 and up. The program will operate out of a new office at 411 University Ridge in the NEXT Innovation Center near downtown Greenville. "We're very excited to be able to offer this program in the Upstate," said John Tully, president of Michelin Development. "Michelin's goal is to reach deep into communities throughout the Upstate to find the companies that can benefit the most from this program. We are ready to begin the work of creating quality, sustainable jobs in the region." Upstate counties included in the program are Spartanburg, Union, Cherokee, Abbeville, Anderson, Greenville, Greenwood, Laurens, Oconee and Pickens. The loans are available only to businesses that are socially or economically "disadvantaged," as defined by the United States Small Business Administration. They will have up to 5-year payment terms. Applications for the loans will be accepted online at www.michelindevelopment.us. Once a business owner registers, they will be asked to complete a form outlining business plans and business strategies. The company also will offer loan recipients free counseling services. "I think it's a great vision that the Michelin team has for standing up and re-energizing our economy," said Spartanburg Mayor Bill Barnet. "In particular, their inclusion of businesses that could be excluded. We're very appreciative of their investment. It's a very important step forward." Michelin Development Upstate grew out of a similar program the company began offering to provide economic development assistance in France in 1990. Michelin Development was launched across Europe in 2001 to stimulate economic growth in certain areas. The program debuted in North America in 2006 to serve the Waterloo Region of Ontario, Canada. "This is an ongoing and growing investment that represents a major commitment by Michelin," said Brij Khorana, professor emeritus for the Rose-Hulan Institute of Technology, who will serve on an advisory board that will oversee the program. "We hope Michelin Development Upstate will set a new standard for corporate involvement in economic development." 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