Support Available from Michelin Development During Covid 19
Due to the current pandemic, Michelin Development in the UK is offering financial support, as well as business expertise and advice, to small and medium sized enterprises (SMEs) that employ up to 250 people based in the Dundee area, Ballymena or North Staffordshire.
Successful applicants will be able to access unsecured loans starting from £5,000 via Michelin’s associate bank at a subsidised interest rate. The repayment period will be three to five years.
As well as being based in one of the above areas to qualify the business must:-
- employ less than 250 people
- be in the manufacturing, engineering or services sector and operate business to business
- be able to demonstrate that the funding can be used to help to create quality jobs
The loan can be used to purchase capital equipment, make process improvements, provide working capital and fund marketing etc.
Applications must be supported by a viable business plan together with relevant financial information. In most cases the applicant will be required to invest some of their own equity into the project.
As the funding is private, it can normally be used to gear up public and other forms of loan funding.
https://michelindevelopment.co.uk/#what-is-offered
Photo by Марьян Блан | @marjanblan on Unsplash
