A Fife-based manufacturer and supplier of natural fertiliser products is in the running for HSBC's Business Growth Grant, a business award that will help propel its international growth. The Great Turf Company is one of five finalists with the chance of winning one of two HSBC £50,000 overseas growth grants.
Pitching to a panel of judges, The Great Turf Company will showcase what sets them apart from the competition, and how it will use the grant to expand through new overseas opportunities. The company, which supplies its products to various sports facilities, and recently won the British Chamber of Commerce award as 'Scotland's Most Promising New Business' will compete in the London final on 2nd March.
The HSBC Business Growth Grant aims to seek out and support UK businesses that have the potential to stimulate growth. In addition to the two £50,000 Overseas Trade Grants, HSBC will award two £50,000 Business Growth Grants to companies using innovative ideas to grow within the UK.
Since its launch just over a year ago, The Great Turf Company has grown significantly, supplying a number of leading venues, including Premiership football clubs and Open Championship golf courses. The business has recently launched its products in Norway and Sweden and has big ambitions for future expansion with plans to introduce its ethos and products into more international markets such as the USA and Middle East.
Ian Morrison, Managing Director at The Great Turf Company said: "Becoming a finalist for the HSBC Business Growth Grant comes during an exciting period of growth for our business and we are absolutely thrilled to be representing Scottish innovation whilst gaining international recognition for our own achievements within some of the most famous sporting venues in the world.
"We are dedicated to restoring turfgrass and soil biology by reducing the dependency on traditional petro-chemical fertilisers and fungicides; we firmly believe that our biological methodology is the future of the turf care industry. Reaching the final in the HSBC awards confirms our strong belief in the value of innovation for achievement in business and winning the award would allow us to accelerate our research and development programme whilst further developing our exciting overseas business."
Stephen Price, HSBC's UK Head of Commercial and Business Banking, who leads the panel of judges, said: "Congratulations to The Great Turf Company. 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 which demonstrate ambition and innovation. I wish them and the other finalists the best of luck on 2nd March."
The two winners of HSBC's £50,000 Business Growth Grant will be announced by the end of March.
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 more information on the Business Growth Grant please contact:
HSBC Commercial Bank Media Relations Manager
Direct: 020 7991 4118