BoS CONTEST TO BACK ENTREPRENEURS
BANK of Scotland's corporate lending arm, led by chief executive Peter Cummings, last night launched a £25 million interest-free funding initiative to benefit UK entrepreneurs.
Called the BoS Corporate £25m Entrepreneur Challenge, five regional winners will get a loan of up to £5m each free of interest and arrangement fees for a period of three years to develop their businesses.
Cummings, chief executive of Bank of Scotland Corporate, who launched the contest at an event at Quaglinos restaurant in London's Piccadilly last night, said it showed the bank's commitment to "backing a new generation of entrepreneurs".
Applicants for the loans will be existing established companies with a turnover of at least £2m a year and at least two years' sustained growth in sales, revenue or profit.
The applicants must be based in the UK and operating in a substantial UK or global market.
Applicants will enter the Entrepreneur Challenge in five regions across the UK - Scotland and Northern Ireland; London; Midlands and mid-Wales; north of England and north Wales; south of England and south Wales.
Each regional finalist will present their business expansion idea to the judging panel, which will include Bank of Scotland Corporate and some leading UK entrepreneurs.
The five regional winners will go forward to a national UK final to be held on 12 December.
The application period runs until 15 August.
+ News Source: business.scotsman
+ Link: http://business.scotsman.com/banking.cfm?id=771622007
+ Last Updated: 2007-05-19 12:15:23
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