SMEs offered chance to win £150,000 from HSBC

HSBC's Ian Stuart said SMEs are the 'lifeblood of the UK economy'

Banking giant HSBC today launched a competition giving small firms the chance to win £150,000 to invest in their business and help realise their growth ambitions.

The online competition, dubbed Elevator Pitch, is aimed at UK firms with a turnover of up to and including £10 million. Entrants will have to explain in a 90-second video how they would “elevate” their business with a £150,000 cash injection.

Ten finalists, to be announced in February, will be invited to attend a two-day masterclass where they will receive coaching and advice on how to refine their business idea.

Ian Stuart, HSBC’s head of commercial banking for Europe, said: “SMEs are the lifeblood of the UK economy, employing some 15 million people with a combined turnover of £1.6 trillion.

“The Elevator Pitch could help businesses fast-forward their growth plans, giving the winner the opportunity to make investments that may have been projected two or three years down the line. This sort of cash could open a lot of doors for the lucky winner.”

In May, HSBC launched a £400 million fund aimed at boosting lending to SMEs in Scotland as part of the largest package of support it has made available to small firms.