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Michelin business loans scheme 'helps'
02/04/2007
French tyre company Michelin has a loan programme that is a rare example of a corporate social-responsibility scheme that works, it has been suggested.
According to the Times, Michelin is helping a number of small businesses based close to its English plants by offering loans of various amounts.
The business loans programme has been running in Britain since 2003, following success in France when it was introduced in 1990.
Michelin states that the idea behind the initiative is to add something to the community it works in, help create jobs and allow businesses to grow.
Trevor Johnson, managing director of Caverswall China, a Stoke-on-Trent maker of fine bone china, recently secured a loan from Michelin to buy out his company.
"I knew that Michelin operated a development fund, but I didn't really know what it was for. [Michelin] has been absolutely superb - extremely helpful and knowledgeable," he told the newspaper.
Commenting on firms' likelihood of receiving a loan, Mike Cole, local business development manager for Michelin, added: "There is a fairly low refusal rate for those who make it to the committee. We like to say yes, and are normally looking for reasons to say yes."
According to the Times, Michelin is helping a number of small businesses based close to its English plants by offering loans of various amounts.
The business loans programme has been running in Britain since 2003, following success in France when it was introduced in 1990.
Michelin states that the idea behind the initiative is to add something to the community it works in, help create jobs and allow businesses to grow.
Trevor Johnson, managing director of Caverswall China, a Stoke-on-Trent maker of fine bone china, recently secured a loan from Michelin to buy out his company.
"I knew that Michelin operated a development fund, but I didn't really know what it was for. [Michelin] has been absolutely superb - extremely helpful and knowledgeable," he told the newspaper.
Commenting on firms' likelihood of receiving a loan, Mike Cole, local business development manager for Michelin, added: "There is a fairly low refusal rate for those who make it to the committee. We like to say yes, and are normally looking for reasons to say yes."