EVERY entry received will be allocated to one of seven regions across the
country. A specialist team from Bank of Scotland Corporate will then
shortlist entrants using the bank’s usual procedures and policies. Members
of Bank of Scotland Corporate’s regional teams will meet the shortlisted
entrants from each region to discuss their application and business plans in
confidence.
As part of the entry process for all shortlisted entrants, Bank of Scotland
Corporate teams will carry out due diligence, undertake credit checks and
other processes demanded by responsible banking practices. All shortlisted
entrants will be asked to sign a confidentiality agreement.
Based on the initial meetings and information, the bank’s teams will select up
to five of the best businesses in each region for the regional finals.
Regional finalists will be asked to discuss and agree terms of funding that
would form the basis of the prize should the entrant eventually be chosen as
a regional winner.
For each regional final there will be a judging panel made up of senior
figures from Bank of Scotland Corporate, The Sunday Times, Deloitte and two
of the Bank of Scotland Corporate’s most respected entrepreneurial contacts.
Each regional finalist will be given the opportunity to spend an hour with the
judging panel, presenting his or her business idea and explaining why they
should become the regional winner.
Each group of finalists will then be invited to an event in their region where
the regional winner will be announced.
Each regional winner will receive an offer of funding of up to £5m from Bank
of Scotland Corporate. This will be entirely free of interest for three
years and free of arrangement fees. They will also receive free standard
transactional banking for three years. This includes standard BACS payments
and collections and excludes Chaps, international payments, additional
lending fees and other ancillary charges. More details can be seen at www.theboschallenge.co.uk.
Legal advice up to a value of £25,000 will be provided for each finalist to
arrange the terms of funding, with a law firm selected by Bank of Scotland
Corporate (but acting solely for the finalist). Costs above this limit (and
any disbursements) or where the finalist chooses to use an alternative law
firm will be borne by the finalist.
All regional finalists will be offered three years’ free standard
transactional banking as outlined above.
In December 2008 a national panel of judges, headed by Bank of Scotland
Corporate’s chief executive Peter Cummings, will select one of the regional
winners to be the national winner. Regional winners will be required to
participate in an interview with the national panel and will be invited to a
dinner in London where the national winner will be announced.
In addition to their funding package, the national winner will be offered the
opportunity to be mentored by one of Britain’s best-known entrepreneurs, and
will be awarded the title Bank of Scotland Corporate Entrepreneur of 2008.
The actual amount of funding offered to each regional winner will be dependent
on their needs and business situation and will be agreed on a case-by-case
basis between Bank of Scotland Corporate and the regional winner.
Funding is subject to status and terms to be agreed, security may be required.
If, for example, the balance sheet of a winning business is unable to
sustain a £5m debt, then a lower amount of interest-free funding will be
provided. On the other hand, should a winning business have a legitimate
requirement for higher funding, then the bank will consider providing debt
over and above the interest-free prize on terms to be agreed with the
finalist.
If in the opinion of the judges the standard of entries in any region does not
warrant a winner, then no interest-free funding package will be awarded in
that region.
The full terms and conditions can be viewed at www.theboschallenge.co.uk
