How it Works
The Bank of Scotland Corporate £6M Social Entrepreneur Awards
To show our commitment to the UK not-for-profit sector we've reserved, across two prizes:
- Up to £5 million of funding or a donation of up to £500,000.
- Up to £1 million of funding or a donation of up to £100,000.
Click here for details of The Reward.
The actual amount of funding offered to each winner will be dependent on their needs and situation. If, for example, the balance sheet of a winning organisation is unable to sustain the level of debt requested then the Bank will act responsibly and a correspondingly lower amount of interest free funding will be offered. This will be agreed on a case by case basis between the Bank and the entrant.
On the other hand, should a winning organisation have a legitimate requirement for higher funding, then debt over and above the interest-free prize could be offered as part of an attractive funding package.
If in the opinion of the judges the standard of entries does not warrant winners, then no interest-free funding package or donation will be awarded.
ENTRY CRITERIA
The following organisations are eligible to apply:
- a) not-for-profit organisation which is not capable of distributing profits generated by the organisation back to shareholders, members or other participants in the organisation.
- b) whose primary purpose is to support an issue or matter of public interest or public concern or to further social and/or environmental goals for non-commercial purposes and social or community benefit.
Please see the Terms and Conditions for more details.
* Funding subject to status and terms to be agreed, security may be required.
Step 1 of 2APPLICATION AND INITIAL SELECTION
- Applications were closed for entry 23rd February 2009.
- Members of Bank of Scotland Corporate will meet with the shortlisted* entrants to discuss their business plans in confidence.
* The shortlist will be chosen using the bank's normal banking procedures and policies
As part of the assessment process our teams will:
- Carry out due diligence and undertake credit checks and other processes demanded by responsible banking practices.
- Ask all shortlisted entrants to sign a confidentiality agreement.
- Meet with all shortlisted applicants.
- Agree with all finalists the terms of funding prior to the panel day.
Entrants who are selected as finalists will be notified by letter and by telephone.
Step 2 of 2FINAL
- For the final there will be a judging panel comprising senior figures from Bank of Scotland Corporate, The Sunday Times, Deloitte and two leading UK Social Entrepreneurs.
- Before the presentation day each finalist will be given the opportunity to discuss and agree the terms of funding or donation that would form the basis of the prize if the finalist is selected as the winner. The Outline Terms and Conditions letter must be agreed and signed before the presentation day.
- Each finalist will be given the opportunity to present their business idea to the panel and explain why their organisation should receive the overall prize. The presentation of no more than 20 minutes duration will then be followed by open discussion.
- All finalists will then be invited to a prestigious dinner where the winners will be announced.