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Entrepreneurs offered £25m of interest-free funding

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21st May 2007
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UK entrepreneurs could be in with the chance of winning a share of £25m for their business following the launch of a new initiative by the Bank of Scotland Corporate (BSC).

The Entrepreneur Challenge will give companies in five different UK regions the chance to win £5m, free of interest and arrangement fees for three years.

"One company in each region will succeed in obtaining the funding package," said BSC. "It will be used by the successful applicants to help turn exceptional business plans into profitable reality."

In order to qualify for the challenge applicants must be established companies with a turnover of at least £2m a year. They should be able to demonstrate at least two years' growth in sales, revenue or profit and be based, at least substantially, in the UK.

The five regions are Scotland and Northern Ireland, London, Midlands and Mid-Wales, North of England and North Wales, South of England and South Wales.

Leading UK entrepreneurs including John Duffield of New Star Asset Management and the chairman of Reading Football Club John Madejski will be brought in to assist in the judging process. The closing date for entries is 15 August this year.

"We're demonstrating our commitment by backing a new generation of entrepreneurs," said BSC chief executive Peter Cummings. "By encouraging enterprising companies, we hope to see new jobs and new wealth created in our economy."

For more information, click here.

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