Michelin Development Upstate Opens Its Doors to Assist Local Businesses

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

GREENVILLE, S.C., Sept. 1 /PRNewswire/ -- 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.

(Logo: http://www.newscom.com/cgi-bin/prnh/20040818/MICHELIN)

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."

John Tully, president of Michelin Development, has already started work with
the Steering Committee to identify clients to participate in the program. In
addition to providing financial support for these socially and economically
disadvantaged firms, the program will also offer free access to Michelin's
extensive business expertise.

"Michelin's goal is to reach deep into communities throughout the Upstate to
find the companies that can benefit the most from this program," said Tully.
"With our Steering Committee, Advisory Board and bank firmly in place, we are
ready to begin the work of creating quality, sustainable jobs in the region."

Members of the Michelin Development Steering Committee include:
-- John Tully, president, Michelin Development Company
-- Abe Swartz, vice president and commercial relationship manager,
Carolina
First
-- Rajeev Jindal, co-founder, Bunty, LLC
-- S.T. Peden, president, Minority Economic Development Institute, Inc.
-- Larry Stevens, director, Small Business Development Center of South
Carolina
-- Jill Burroughs, regional director, Small Business Development Center
of
South Carolina
-- Jonathan Metcalf, business development , Carolina Minority Supplier
Development Council

-- Ramon Nieve-Lugo, marketing director, South Carolina Hispanic Chamber
of
Commerce

Michelin also announced an Advisory Board to oversee the program, including:
-- Dick Wilkerson, chairman and president, Michelin North America
-- Clarence Kegler, chief diversity officer, Michelin North America
-- Merl Code, minority entrepreneur and business leader, Ogletree Deakins
-- Vivian Wong, founder and CEO, Global Trading Consortium, LLC
-- Brij Khorana, professor emeritus, Rose-Hulman Institute of Technology
-- Evelyn Lugo, president, South Carolina Hispanic Chamber of Commerce
-- Tim Reed, co-founder, Upstate Carolina Angel Network

-- Robyn Hamilton, president, Carolinas Minority Supplier Development
Council

How to Apply
Applications for Michelin Development Upstate 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
"Expression of Interest" form outlining business plans and strategies.

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 22,500
and operates 19 major manufacturing plants in 17 locations.

SOURCE Michelin

Valerie Pascoe, Michelin North America, +1-864-458-6214, cell:
+1-864-270-0375, valerie.pascoe@us.michelin.com, or visit
www.michelinmedia.com