Michelin Doubles Commitment to Upstate Development Program

GREENVILLE, SC – August 10, 2010 – Michelin is celebrating the one-year anniversary of its Michelin Development Upstate low-interest loan program but it’s the Upstate community that is getting the present. Dick Wilkerson, chairman and president of Michelin North America, announced today that Michelin would commit another $1 million to create new jobs and spur economic growth in 10 Upstate counties – doubling the company’s investment in the program. The announcement was made at the Carolinas Minority Supplier Development Council’s CEO breakfast in Greenville, S.C.

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 Wilkerson. 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 dollars in loans for the area. As the first loans are repaid, those funds will become available for new businesses to succeed.

The latest jobs report shows job creation stagnant and unemployment numbers rising again. Commercial credit, particularly for new and small businesses, continues to be very tight. Michelin Development helps to address these issues by offering small- and medium-sized disadvantaged businesses low-interest loans of up to $100,000 as well as access to Michelin’s business expertise. The focus is on the creation of quality, sustainable jobs and supporting economic growth among diverse groups across the Upstate.

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. Michelin continues to accept applications for additional low-interest loans. Applications can be submitted online at www.MichelinDevelopment.us.

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