French tyre giant Michelin will today unveil a multi-million pound scheme it hopes will create hundreds of Tayside and Fife jobs.
The firm, which will close its manufacturing operation in Dundee this summer, has set up a fund that will give financial support and advice to firms with growth potential.
The £5 million programme will offer applicants heavily-subsidised loans of up to £50,000 and free expert advice to pave the way for growth.
It will also offer grants to encourage companies looking to set up in Dundee.
The announcement of the closure of Michelin’s Dundee factory was a hammer blow to the local economy, with the loss of 845 jobs.
However, the tyre firm has since revealed plans to turn its Dundee campus into an innovation park for cutting edge technologies that could, in time, employ as many people.
Mike Cole, head of Michelin Development in the UK, said the development fund has also targeted supporting 850 new jobs.
He said: “Manufacturing, engineering or business to business service companies with fewer than 250 employees are eligible.
“If you have a solid business plan and the potential to create high-quality jobs, but you just need that bit of extra help, then we want to hear from you.
“Michelin Development is here to support employment in and around Dundee by helping high-potential firms and entrepreneurs turn their ambitions into reality.”
Details of the scheme will be unveiled in front of civic and business leaders at the Michelin Athletic Club this morning.
The fund will support businesses that operate in Dundee and the surrounding area including Cupar, Leuchars, Coupar Angus, Forfar, Arbroath and Carnoustie.
John Reid, Michelin Dundee factory manager and the chief executive of Michelin Scotland Innovation Parc, said: “When we announced in 2018 that the Michelin Dundee factory was to close in 2020, we pledged to support our employees and deliver a legacy that will benefit the regional economy for generations to come.
“We are determined to create at least 850 jobs on the Michelin Scotland Innovation Parc and Michelin Development is another string to our bow. It will help attract investment and employment to both MSIP and Dundee.”
Michelin Development is backed by a steering committee made up of Michelin, Angus Council, Business Gateway, Dundee and Angus Chamber of Commerce, Dundee City Council, Scottish Enterprise and the Royal Bank of Scotland.
rmclaren@thecourier.co.uk