Kitchener, Ontario – Michelin Development has announced five more loans in Ontario’s Greater Waterloo Region, bringing the total lent to local entrepreneurs to more than $2.25 million, with a potential of 539 new jobs. The program was created following the closure of the company’s BF Goodrich plant in Kitchener, Ontario in 2006, with a loss of 1,100 jobs.

“In the two years since the launch of Michelin Development in the Greater Waterloo Region, we have exceeded our expectations in both potential job creation and the amount of money loaned to local entrepreneurs,” said John Tully, director of Michelin Development (Canada) Inc. “We are especially pelased that a majority of the jobs created are in the manufacturing sector.”

Michelin Development provides low-interest loans to qualified start-up, small- and medium-sized businesses, and supports the development of new and existing businesses by providing access to Michelin’s in-house business expertise.