UK entrepreneurs have been given the chance to secure £25m interest-free funding as part of a new initiative by Bank of Scotland Corporate.
The Entrepreneur Challenge will make £25m in funding available to pioneering entrepreneurs entirely free of interest and arrangement fees for a period of three years.
Funding of £5m will be made available to five regions across the country: Scotland and Northern Ireland; London; Midlands and Mid Wales; North of England and North Wales; and South of England and South Wales.
One company in each of the five regions will be awarded the funding package, which is intended for established businesses looking to turn inspirational business ideas into profit-making reality, it was revealed.
The initiative is now open for applications from businesses with a turnover of at least £2m and at least two years’ sustained growth in sales, revenue or profit.
Applicants must also be UK-based and operating in a substantial UK or global market and driven by a highly motivated and able management team.
“Bank of Scotland Corporate is the bank for entrepreneurs – we’ve built our reputation on it,” said Peter Cummings, chief executive of Bank of Scotland Corporate.
“Now, with the Entrepreneur Challenge, we’re demonstrating our commitment by backing a new generation of entrepreneurs.
“By encouraging enterprising companies, we hope to see new jobs and new wealth created in our economy.”
The five regional winners will go forward to a national final in December, where the Bank of Scotland Corporate ‘Entrepreneur of the Year’ will be chosen.
© Crimson Business Ltd. 2007