21 Feb 2012

Ten SMEs are in the running for a national HSBC business award that will help propel their UK expansion on a national or international scale. The ten finalists are from across Great Britain, with four receiving a £50,000 HSBC Business Growth Grants.

The companies range from a designer and manufacturer of innovative cycle racks to an e-logistics company, and from a company which designs and develops mobile applications for smart phones and tablet PCs, to a company which makes traditional puddings.

The ten finalists will compete in London on 2^nd March, pitching to a panel of judges to showcase what sets them apart from the competition, and how they will use the grant to accelerate their expansion. The four Business Growth Grant winners will be announced by the end of March.

The HSBC Business Growth Grant competition aims to seek out and support UK businesses that have the potential to stimulate growth by awarding two £50,000 Business Growth Grants for domestic growth, and a further two £50,000 grants that will help the 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 2^nd March."

The Business Growth Grant finalists for overseas expansion are: 

• Diamond Dispersions (Sheffield) - Manufacturer of high performance ink jet ink
• ImageMakers (Okehampton, Devon) - Designer and creator of visitor experiences for heritage, cultural and tourism sectors
• KwickScreen (London) - Designer and manufacturer of portable, retractable room dividers
• NewsNet Corporation (London) - 'NetSend' is an electronic delivery system for invoices
• The Great Turf Company (Fife) - Manufacturer and supplier of natural fertilisers to sports facilities

 The Business Growth Grant finalists for domestic expansion are:

• Country Puddings (Cumbria) - Producer of traditional puddings
• CyclePods (Westerham, Kent) - Designer and manufacturer of innovative cycle racks
• Plant Theatre (Southend-on-Sea) - Garden product designer and manufacturer, including gifts
• Shiply (London) - Logistics company making use of spare lorry capacity
• Toolbox Design (Tewkesbury) - Designs, develops and delivers apps for smartphones and tablets, and other devices

The Business Growth Grants are just one of the ways HSBC is supporting SMEs. HSBC plans continue to develop innovative new products, and to offer even more lending support to SMEs in 2012.

SMEs make a substantial contribution to the total value of exports and HSBC is in a unique position to support UK businesses who are, or who are looking to, trade internationally. With international trade being key to future UK growth, HSBC is 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 and will be available in the coming weeks.

In response to the needs of SMEs, HSBC has also added two innovative products to its funding portfolio. The International Business Overdraft, which offers a reduced interest rate for each overseas country a business is trading with, up to a maximum of 3% for the first 12 months.

The Employer Business Loan provides a reduction in interest rate of 1% for each new employee taken on, up to a maximum of 3%. Alternatively, businesses which employ someone in the following six months receive 10% of the interest paid as cash back, up to a maximum of 30%.

To reinforce the bank's strategy to be the leading international trade and business bank, HSBC is also increasing the number of International Commercial Managers by at least 40%, and will look to approve at least 80% of applications for finance from SMEs. HSBC is making a clear commitment to UK business and the UK economy. 

For further information, or for information on a winner who might be in your region, please contact:

Steve Gracey,

HSBC Commercial Bank Media Relations Manager

Direct: 020 7991 4118

Email: steve.gracey@hsbc.com

Twitter: @HSBCUKBusiness