| Michelin Development Extends First Loans in East Alabama |
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09/02/2010 12:55 (724 Day 21:38 minutes ago) | |||||
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The FINANCIAL -- Three local businesses are poised for growth and job creation in 2010, thanks to a financial boost from the Michelin Development program for East Alabama.
The Event Center Downtown, Johnny’s New York Style Pizza and Frog Legs Inflatable Party Zone have been selected to receive the first Michelin Development low-interest loans totaling $500,000. Michelin has dedicated $2 million for the economic development program, which provides funding and business expertise to small- and medium-sized businesses throughout the region.
“Michelin is proud to provide these local businesses the funding they need to create quality, sustainable jobs and support economic growth across East Alabama,” said John Tully, president of Michelin Development. “These companies represent a diverse cross-section of East Alabama’s vibrant small business community. Michelin looks forward to supporting their future success.”
The three companies selected for Michelin Development loans include start-up, new and existing businesses. They are:
Event Center Downtown, LLC – Lisa and Chris Beck’s vision for the historic Coca-cola Bottling Company building in the heart of downtown Opelika is becoming a reality with the help of a Michelin Development low-interest loan. The landmark building, which served as a bottling plant beginning in 1938 and then a distribution center until 2007, is being transformed into a one-of-a-kind special event space. Even though the space is not scheduled to open until late spring 2010, the Becks have already been nominated for a statewide award for the adaptive reuse of the building and have pre-booked more than 30 events for this year. “Securing credit, even for a business that is clearly viable on paper, is extremely difficult right now. We were turned down by the Small Business Administration and eight banks before we found out about the Michelin Development program, which provides a priceless opportunity for entrepreneurs like us,” said Lisa Ditchkoff Beck, who plans to use funds from the program to purchase new business software, kitchen equipment and complete additional building improvements.
Johnny’s New York Style Pizza – Just a few miles from the new KIA motors manufacturing plant in West Point, Ga., Frank Norman is retrofitting a historic building in downtown West Point to house a new pizza franchise location to serve lunch and dinner seven days a week. Norman learned about the Michelin Development program from his accountant and applied soon after attending a financing seminar hosted by the Greater Valley Area Chamber of Commerce. “Michelin is providing a great opportunity for entrepreneurs to start or expand businesses that can impact quality of life in the area. There’s a tremendous amount of opportunity for small businesses with all of the growth in and around West Point, but the limited amount of commercial credit available has been an obstacle for many of us,” said Norman, who plans to open the doors of the pizzeria in May 2010.
Frog Legs Inflatable Party Zone – As a grandmother of four, Twanda Pappas recognized the community’s need for a children’s indoor play facility. In December 2007, the former realtor opened Frog Legs Inflatable Party Zone, a 7,200-square-foot bounce house and play center located on Geneva Street just one mile from downtown Opelika. Pappas plans to expand into a larger location in the coming year, using funds from the Michelin Development loan to add games, purchase new inflatables and begin serving food. “Without this loan I wouldn’t be able to afford the expansions I need to make to keep the business going strong. This loan makes it possible for us to maintain our momentum and make a move to a larger facility,” said Pappas.
“Michelin has been a valuable contributor to our state and our community for many years. The impact they are making with this program goes beyond the much-needed source of funding for small businesses,” said Gary Fuller, Mayor of Opelika. “It demonstrates a true commitment to helping sustain and expand the local economy while providing an exceptional example of corporate responsibility.”
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