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Michelin Development for East Alabama Opens its Doors to Assist Local Businesses
11/3/2009  

MICHELIN DEVELOPMENT FOR EAST ALABAMA OPENS ITS DOORS TO ASSIST LOCAL BUSINESSES

AuburnBank announced as banking partner for low-interest loan program

 

 

OPELIKA, Ala. (Nov. 3, 2009) – Michelin will begin accepting applications for low-interest business loans today as the company opens the doors of its Michelin Development office for East Alabama. Located in the historic First National Bank of Opelika building in the city’s downtown area, the office will serve as the hub for Michelin’s new economic development program to provide funding and business expertise to small- and medium-sized companies throughout the region.  

 

Michelin also announced AuburnBank as a partner for the program, which will begin with an initial funding amount of $2 million from Michelin North America.

 

“Michelin is committed to helping create quality, sustainable jobs and supporting economic growth across East Alabama,” said John Tully, president of Michelin Development. “Under current economic conditions, commercial credit is tighter than ever. Michelin Development will provide greater access to low-interest loans for new and existing companies that might not be able to secure traditional credit as easily at this time.”

 

AuburnBank will work with the Michelin Development Steering Committee, a group of local 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 the bank for normal financial due diligence. Loans will be available at $10,000 and up.

 

“Michelin Development demonstrates a commitment to supporting businesses in our community, and this is very much in line with the mission of AuburnBank,” said Eddie Smith senior vice president of the bank. “We are proud to assist Michelin, a company that actively demonstrates corporate responsibility and concern for the people of our community, in this effort to help improve our local economy.”

 

Members of the Michelin Development Steering Committee have already started work to identify clients to participate in the program.  In addition to providing financial support for these local firms, the program will also offer the unique contribution of free access to Michelin’s extensive business expertise.

 

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“We are honored to welcome Michelin Development to our community, and we applaud Michelin for the significant investment it is making to promote economic development in East Alabama,” said Gary Fuller, mayor of Opelika. “The loans and business advice Michelin gives to these businesses will provide a much-needed boost to our efforts as we work to replace the jobs that have left our area with new employment opportunities.”

 

Members of the Michelin Development Steering Committee include:

-          John Tully, president, Michelin Development Company

-          Bruce Emfinger, assistant director, Industrial Development Authority of Chambers County

-          Dan Broughton, chairman, Soomo Publishing

-          Dave Ketchen, professor of management, Auburn University College of Business

-          George Clay, president, Clay & Associates

-          Glenn Kinstler, director, EDPA, Alabama LaunchPad

-          LaKami Baker, assistant professor of management, Auburn University College of Business

-          Rev. Clifford Jones, pastor, Greater Peace Missionary Baptist Church

-          Robert Hamm, entrepreneur/developer, Diplomat LLC

-          Stephanie Pollard, attorney, Brady Beverlye & Associates

-          Wendy Routhier, president, Opelika Chamber of Commerce

 

How to Apply

Applications for Michelin Development low-interest loans will be accepted online at www.michelindevelopment.us.  Once a business owner registers and receives a unique user login, they will be asked to complete an application form outlining business plans and strategies.  Michelin Development loans are available to small- and medium-sized businesses located throughout East Alabama.

 

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 21,600 and operates 18 major manufacturing plants in 16 locations.

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For more information, visit www.michelinmedia.com or contact:

 

Valerie Pascoe, Michelin North America

office:     1 864 458 6214      cell:   1 864 270 0375    

email:      valerie.pascoe@us.michelin.com

 

 

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