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Michelin Continues to Invest in Upstate Businesses

GREENVILLE, S.C. (Feb. 23, 2010) – Michelin is continuing its efforts to help jumpstart the economy and improve unemployment rates by awarding low-interest loans to four Upstate businesses.

Steam Force Car Wash, DW&K Transportation, Chic Chapeau II and FindCarolinaDentists.com have been selected to receive Michelin Development Upstate loans, totaling more than $120,000. 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.

“With each loan application we consider, the Michelin Development steering committee becomes increasingly impressed by the creative and passionate business owners we have in the Upstate,” said John Tully, president of Michelin Development. “In the midst of a difficult economy, the spirit of entrepreneurship and ingenuity of these businesses is alive and well. It is an honor to be part of their success.”

The four companies selected for the latest round of Michelin Development Upstate loans include start-up, new and existing businesses. They are:

• Steam Force Car Wash, LLC – Greenville, S.C.
Combining car cleaning with environmental responsibility may seem counterintuitive, but Nishant Shah is making an eco-friendly business out of washing area cars -- one glass of water at a time. With locations at the Haywood Mall and on Woodruff Road, Steam Force Car Wash uses high pressure steam (less than half-a-gallon of water) to clean cars, versus the standard 45 gallons expended on traditional car washes. Shah credits Michelin Development with helping him take his environmentally sustainable business to the next level.

“For a small business like ours, even with a revolutionary process everyone is very excited about, it is hard to be competitive under current economic conditions without spending a lot of money on marketing. The loan from Michelin Development will not only allow us to market, but also gives us a platform to venture into other areas such as corporate services and a mobile unit,” said Shah.
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• DW&K Transportation, LLC – Duncan, S.C.
The responsibility of moving U.S. mail to the South Carolina towns of Woodruff, Union, Cross Anchor and Lockhart is that of DeWayne White, owner of DW&K Transportation. White started his transportation business in 2006 by cashing in his retirement savings to pursue a single government contract. He plans to expand his company by hiring two full time employees and adding a second delivery truck with funds from the Michelin Development program.

“It’s very hard for a small business in this economy to find the funding needed to take advantage of growth opportunities We knew we had a good business plan and an excellent opportunity to expand, we just needed someone to give us a chance to prove ourselves, and that’s what Michelin did,” said White.

• Chic Chapeau II – Easley, S.C.
Downtown Easley’s newest small business tenant, Shirley Young, has dreamed of owning her own boutique since she was a child, when dressing for “Sunday best” included wearing elegant hats. In March, Young is scheduled to open Chic Chapeau II, a hat store for women and men. Young plans to use funds from the Michelin Development program to help add inventory and transform a historic Main Street Easley space into a one-of-a-kind destination for unique headwear.

“Everyone I talked to thought it was a good idea, because there aren’t many options in the area just for hats. Michelin looked at my loan application and reviewed my business plan and provided advice that has already moved the business forward,” said Young.

• FindCarolinaDentists.com – Greenville, S.C.
When Erik Feeney began work to create a website dedicated to helping dentists connect with patients online, his goal was to provide an indispensable resource to enable dentists to build and expand their practices with minimal investment in traditional marketing resources. Feeney’s idea for a robust dental referral search engine has become a reality, thanks to a low-interest loan from Michelin Development Upstate.

“Michelin has given me the ability to build and constantly upgrade the site not only to remain competitive, but to outperform national competitors. Money that was once available for startup businesses like mine, even though the initial and fixed costs are very low in comparison to other industries, just isn’t out there right now. This loan is a golden opportunity,” said Feeney, whose website offers listings of dental professionals across the state.

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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 Company 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 5-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 21,500 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