May 29, 2007

Michelin Development Program approves $1 million in loans in Ontario

Kitchener, Ontario – The Michelin Development Program in the Greater Waterloo Region of Ontario has granted its first three loans, totalling more than $1 million, for local entrepreneurs. The combined programs are expected to create more than 125 new jobs, including nine high-tech positions.

“The recipients of the Michelin grants will use our below market-rate loans to stimulate their businesses,” says John Tully, director, Michelin Development (Canada) Inc. “For example, these loans will help the businesses in the manufacturing of printed circuit boards, innovative pest traps and entertainment kits. We look forward to helping more area entrepreneurs, start-up, small- and medium-sized businesses recognize their full potential through financial support and business expertise.”

The recipients are Koolatron of Brantford, which produces a cordless mosquito trap; Creative Circuits of Brantford, which specializes in turn-around solutions in the electronic circuit board industry; and The Party Kit of Ayr, which creates and distributes theme-based birthday parties in a box.

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