Bank of Scotland launch 'Entrepreneur Challenge'

The Bank of Scotland has launched its £35 million Entrepreneurs Challenge competition for a second year.

This year the challenge, which is supported by the Sunday Times, will provide £35 million in interest-free finance to seven UK entrepreneurs.

Aimed at businesses with a minimum turnover of £2 million, the competition is open to most sectors and requires entrepreneurs to impress judges with their business ideas.

"It's a chance to change the future direction of your business dramatically and accelerate how quickly you can get there," James Farrar, head of marketing at Bank of Scotland Corporate and chairman of the judging panel, commented.

Last years' overall winner Matthew Riley, of Daisy Communications in Lancashire, which provides IT and communication services to small and medium-sized businesses, says he plans to use the loan for future acquisitions.

The closing date for businesses interested in the Entrepreneur Challenge is May 19th.