Launched this week, the HSBC Business Growth Grant Competition is providing financial support to small businesses in the UK that have innovative growth ideas and/or overseas aspirations. Funding will be provided to help accelerate up to four businesses.

The competition is broken down into the following categories:

• Two Growing Business Grants will be awarded to businesses using innovative ideas to grow their enterprise within the UK. 
• Two Overseas Trade Grants will be awarded to businesses that have the aspiration and motivation to develop and expand through new opportunities overseas. 

The programme has an overall budget of £200,000 available, broken down into four individual grants of £50,000.

The funds are intended to be used towards the costs associated with business expansion in the UK (domestic growth) or developing into overseas trade.

To be eligible to enter the competition, businesses must have been trading for at least one year, have an annual turnover of between £100,000 and £2 million, be able to provide financial information for the last year and forecasts for the next two years and be based in the UK (including Northern Ireland but excluding the Channel Islands and the Isle of Man).