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SMEs compete for HSBC’s growth grants

Ten SMEs have been shortlisted as finalists for HSBC’s £200,000 Business Growth Grant Competition.

A wide range of companies including a designer and manufacturer of innovative cycle racks, e-logistics provider, mobile app firm and a pudding producer are all in the running.

On March 2, the finalists will pitch to a panel of judges to showcase what sets them apart, and how they will use the £50,000 winnings to accelerate their expansion.

Two £50,000 Business Growth Grants will be awarded for domestic growth and a further £50,000 grants that will help to support companies develop their overseas trade.

Stephen Price, HSBC’s UK Head of Commercial and Business Banking, who leads the panel of judges, said: “We’ve made it our challenge to seek out and support growing businesses, which will help stimulate economic growth in the UK.

“The HSBC Business Growth Grant competition has highlighted some fantastic businesses demonstrating ambition and innovation. I wish them all the best of luck on 2nd March.”

HSBC is also launching a new multi-billion fund specifically for SMEs that trade with other businesses across the globe.

The HSBC International SME Fund will provide at least £4billion of lending to SMEs with a turnover of up to £25million.

This was posted in Bdaily's Members' News section by Tom Keighley .