An e-invoicing company based in Vauxhall, which helps companies process high volumes of invoices, is in the running for HSBC’s Business Growth Grant, a business award that will help propel its international growth. Netsend.com, is one of five finalists with the chance of winning one of two HSBC £50,000 growth grants.
Pitching to a panel of judges, Netsend.com will showcase what sets them apart from the competition, and how the grant will be used to expand through international opportunities. Netsend.com, which is looking to expand its offering to Europe and offer its product in foreign languages, 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 international Business Growth Grants, HSBC will award two £50,000 grants to companies using innovative ideas to grow domestically.
Netsend.com was formed six years ago and runs on a highly developed, flexible software platform which allows businesses to manage their accounts online. Netsend.com build a branded website for each client which is controlled and run by the client, providing their customers with secure access to their own accounts online.
Patrick Dodd-Noble, Managing Director of Netsend.com said: “This is a fantastic opportunity to help us at Netsend accelerate our export plans and realise the huge overseas potential of our product. We are being asked by our overseas clients if we can provide Netsend in multiple languages for export, and if we win the £50,000 through HSBC’s Business Growth Grant, we will be able to accelerate its availability. Netsend has the potential to be a truly global product.”
Stephen Price, HSBC’s UK Head of Commercial and Business Banking, who leads the panel of judges, said: “Congratulations to Netsend.com on reaching the final.
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.