Ground breaking banking initiative puts Not for Profit businesses in line for huge boost

Not for Profit organisations in the UK are set for a huge boost as Bank of Scotland Corporate launches a major groundbreaking initiative. The £6 million Social Entrepreneur Awards is the biggest ever of its kind in the UK and has been created to encourage and nurture the British organisations that put welfare before wealth and reward those that put the greater good ahead of personal profits.

The Awards:
Two awards are on offer and entrants must specify which they wish to enter;

1) Up to £5 million free of interest and arrangement fees for 3 years, or a one off cash donation of up to £500,000

2)  Up to £1 million free of interest and arrangement fees for 3 years, or a one off cash donation of up to £100,000

The winner of each award will also secure a true ‘money can’t buy’ reward of three days mentoring from one of the UK’s best known social entrepreneurs and the title of "Bank of Scotland Corporate Social Entrepreneur 2009.'

John Taylor, Head of Specialist Banking, Bank of Scotland Corporate, comments; “There is no doubting the importance of Not for Profit organisations to our economy and I believe passionately that they should be encouraged and nurtured as much as possible. However, social entrepreneurs are often overlooked and do not receive the recognition of their peers in more commercial businesses and those who generate substantial personal wealth. Bank of Scotland Corporate has created the £6 Million Social Entrepreneur Awards specifically to recognise those Not for Profit organisations who combine outstanding business acumen with a genuine passion for helping others. Not only will this award discover the UK’s most exciting and aspirational social entrepreneurs, it will also provide the winner with a level of support that will revolutionise their organisation and allow them to expand their work.”

Kevin Brennan, Minister for the Third Sector, said: “I know the value of social enterprise having had my first job in one after university. The Bank of Scotland Social Entrepreneur Awards will help two of the best social entrepreneurs reach the next level. These businesses, that reinvest their profits for a social or environmental aim, have great potential to help tackle some of the most difficult issues facing our society.

“The Government is working to help create a culture of social enterprise across the country. Part of our work is to ensure that social enterprises have access to appropriate finance and support. I think it’s great that these awards will help raise the profile of social enterprise and offer great investment packages for the winners alongside expert mentoring.”

Who can enter?
The Social Entrepreneur Award is open to Not for Profit organisations whose primary purpose is to further social or environmental goals, and those who operate for non-commercial purposes and social benefit. Such organisations cover a vast spectrum, ranging from Charities, Churches and Social Groups, to Public Sector organisations, Schools and Universities.

John Taylor continues; “We recognise the inventiveness and commitment of those entrepreneurs who operate in the Not For Profit sector and the Social Entrepreneur Awards will make a genuine difference to two of those organisations. Advice and mentoring from one of the country’s top social entrepreneurs will prove invaluable and, coupled with the financial reward on offer, this will change the face of two organisations forever.”

•  For more information – and to download an entry form – visit www.bossocialawards.co.uk
•  The closing date for entries is Monday 23 February 2009
•  The national final takes place on 25 June 2009