Carolina First/Michelin Loan Program

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

GREENVILLE, S.C., -- 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.

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."