SMEs offered chance to win £150,000 from HSBC

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.

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

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.