Michelin Development loans totaling more than $386,000 will spur another 95 potential jobs in the Upstate
GREENVILLE, S.C. (June 24, 2010) – Michelin Development is continuing its efforts to help bolster the local economy by awarding low-interest loans to four additional Upstate businesses.
Clemson Cleaning Services, His Trucking LLC, Servosity and ECO Group International have been selected to receive the Michelin Development Upstate loans totaling $386,000. As previously announced, Michelin has dedicated $1 million for the economic development program, which provides funding and business expertise to socially and economically disadvantaged businesses throughout the region.
“Even as government programs and incentives to increase small business lending are awaiting legislation, Michelin has by-passed the credit crunch and offered low-interest loans,” said John Tully, president of Michelin Development. “Michelin understands that small- and medium-sized businesses are the lifeblood of our state’s economy. We are proud to be a business advancing other local businesses.”
Each of the following four companies selected for the most recent Michelin Development Upstate loans are small businesses working in business-to-business relationships. Ensuring the stability and growth of these four will directly affect the stability of their business partners and clients. They are:
- Clemson Cleaning Services – Clemson, S.C.
When John Walter says his cleaner is green, he is not referring to color but the eco-friendly quality. John and his son have enjoyed being partners in the commercial cleaning business for two years. They stress two keys to their success: good relationships with their employees and their environmentally green, non-detergent cleaner. Walter credits Michelin Development with helping him take his environmentally sustainable business to the next level.
“As a small company, our hands have been tied in accessing credit; finding a loan was a very challenging process. We are fortunate to have been awarded a loan from Michelin Development. It will provide working capital to grow our business—which we want to do in an aggressive manner. We plan to buy new equipment, hire new employees, and begin marketing initiatives,” said Walter.
- His Trucking, LLC – Taylors, S.C.
With more than 19 years of experience in the commercial trucking industry, Jeffery Jones launched on his own in May 2002, specializing in freight hauling. His business has weathered many hardships, including gas shortages then a slowed economy. Since being awarded the loan, Jones has added one new driver and is looking to add more drivers plus office staff.
“The Michelin Development loan saved my business; it kept me running while money was tight. I was able to meet payroll and cover day-to-day operations. In the future, I’ll be able to purchase a fourth truck and provide additional employment opportunities in the Upstate. I would like to thank Michelin for creating a great program,” said Jones.
- Servosity – Greenville, S.C.
When Damien Stevens opened his company in 2006, he had the following two advantages: the technology to backup software data and perform disaster recovery, and a new standard in customer service and expertise. Many of his clients are in the Upstate, and Servosity is proud to help create stability for other local businesses while protecting their assets. However, Damien admits Servosity’s own growth would be stagnating without the loan from Michelin Development.
“Although our business grew last year in the slow economy, we could not continue that trend. The loan from Michelin Development will enable us to hire key players such as a marketing and sales team, as well as recruit for highly technical jobs as we plan to expand our product line with in-house development,” said Stevens, adding that they’ve already hired two new employees.
- ECO Group International – Spartanburg, S.C.
As a small realty and management company offering energy-efficient renovations,
“We discovered many contractors and building inspectors don’t understand principles of energy-efficient building. We are excited to help the community find energy-efficient answers by providing training, energy-auditing and an online directory. Besides enabling us to offer BPI and LEED training, the Michelin Development loan allows us to move into an energy-efficient office space,” said Galindo.
Michelin continues to accept applications for additional low-interest loans. Applications can be submitted online at www.michelindevelopment.us. Once a business owner registers and receives a unique user login, they will be asked to outline business plans and strategies.
Michelin Development Upstate opened its Greenville office in September 2009. Carolina First makes and administers loans for the program and works with the Michelin Development Upstate steering committee, a group of local business and civic leaders, to review loan applications. Once an application has been approved by the steering committee, it undergoes normal financial due diligence by the bank. Loans are available from $10,000 to $100,000 and are funded in partnership with Michelin Development Co. and Carolina First.
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 five year payment terms.
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 (www.michelin-us.com) employs more than 20,900 and operates 18 major manufacturing plants in 16 locations.
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