Nov. 4--Michelin Development opened its office for East Alabama Tuesday morning and announced that it would began taking applications for $2 millions in low-interest loans to qualified start-up, small- and medium-sized companies in the area.

The program is aimed at stimulating economic growth and creating jobs in the area. Especially to offset the recent job loss caused by the BFGoodrich Plant in Opelika closing its doors.

Michelin is the parent company of BFGoodrich.

"We continue to work to create quality sustainable jobs in the communities where we live and work," John Tully, president of Michelin Development, said. "We look forward to doing some great things in East Alabama."

Michelin will partner with AuburnBank, who will distribute the money to business owners through normal loan procedures.

Loans will be available starting at $10,000 and up. In addition to the loans, Michelin will offer free access to Michelin's business expertise.

The Michelin Development program, which began on Tuesday, is only the second of its kind in North America and the first in the United States.

The first Michelin Development program in North America began in Canada, where it created more than 800 jobs.

"They have not had one single default," Opelika Mayor Gary Fuller said referring to the program in Canada. "A few more than that (800) then that will get us back where we need to be."

When all was said and done, over 1,000 jobs were lost when the BFGoodrich plant closed.

"This will provide new employment opportunities," Fuller said. "I think there are a lot of positives that will come from this."

Applications will be accepted online at http://www.michelindevelopment.us. Once an applicant registers and receives a user login, they must fill out an applications form outlining business plans and strategies.

For more information on the program, visit http://www.michelindevelopment.us or e-mail Valerie Pascoe at .

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