THE Sunday Times is today offering entrepreneurs the chance to win the most valuable prizes ever seen in a competition for British businesses.

With Bank of Scotland Corporate, we are giving dynamic companies the opportunity to secure £35m in loans to fulfil their business ambitions without having to pay a single penny in interest.

The Sunday Times Bank of Scotland Corporate Entrepreneur Challenge, now in its second year, is a nationwide event giving the winners of seven regional competitions an interest-free loan of up to £5m over three years. At today’s rates, that’s equivalent to a cash prize of £825,000.

Launching the 2008 challenge this weekend, Peter Cummings, chief executive of Bank of Scotland Corporate, said: “We are seeking to back those who demonstrate entrepreneurial endeavour, resilience and risk management and who have thought about where they want to take the business.

“The economic climate and tax regimes over the past 10 years or so have given people confidence in business. What is important is that this confidence level is maintained and developed.”

Winners of the Entrepreneur Challenge will be selected by a panel of distinguished judges who are themselves successful entrepreneurs.

The lineup includes Audrey Baxter, chairman and chief executive of foods group WA Baxter & Sons; John Madejski, chairman of Reading football club; Bill Muirhead, founding director of the M&C Saatchi advertising agency; Nick Wheeler, founder of Charles Tyrwhitt Shirts; and Matthew Riley, chief executive of Daisy Communications, which provides internet and telephone services to small and medium-sized businesses. Daisy Communications was the overall winner of last year's Entrepreneur Challenge.

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