Frequently Asked Questions:
- Does my business qualify?
- Please see the prequalification section
- How do you define economically/socially disadvantaged?
- We use the SBA definition of socially disadvantaged. Socially disadvantaged individuals are defined as African Americans, Hispanic Americans, Native Americans, and Asian Pacific Americans. Economically disadvantaged is defined as anyone that does not have access to traditional financing.
- Who reviews the applications?
- We have a Steering Committee that is comprised of Entrepreneurs, Business Leaders, and Community Leaders from throughout Upstate, SC. Michelin, and a banking partner.
- How long does this process take?
- This process can take 60 days or longer.
- If I am turned down? Can I reapply?
- If you are declined and want to reapply, you will be asked to meet with John Tully to discuss your application and the feedback in more detail.
- If I am declined or don’t qualify, can I still get business expertise?
- Yes, you can still receive business expertise (any area of expertise, except Legal advice, web development, engineering and insurance).
- Why are there any restrictions to apply?
- These are industries that the committee feels are high risk and/or show very little job creation.
- Food Service must be in businessat least 1 year, Barber Shops, Beauty Salon; Spas etc. must be in businessat least 2 years and have proper licenses and certifications.
- Will I have to bank with Michelin development Banking Partner in order to receive this loan?
- All new clients need to open a bank account with the Michelin Development banking partner with auto draft. All new clients need to have a credit card on file. This credit card will be used by the banking partner to pay the loan if insufficient funds are in the checking account.
- Do I have to have a business plan to qualify?
- A business plan is required with the application
- Is Michelin hiring?
- Please see http://www.careers.michelin-us.com/
