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Professor Greg Whittred - Source: ONE News -
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A $3 million initiative established by an expat Kiwi businessman was launched by the Auckland Business School on Thursday night as a way of helping small and medium enterprises (SMEs) step up their growth.
The Bidwill Entrepreneur Challenge, funded by British based Charles Bidwell, will see a series of three $1 million loans given to the fund's successful applicants to further their endeavours.
Business School dean Professor Greg Whittred says the money is not start-up cash, but a loan for companies that have been in business for a little while, with a likely turnover of around $2 million.
He says the loans will be made on favourable terms with an interest rate to be negotiated on a case by case basis.
Bidwell's motivation behind the initiative not only reflects his willingness to support New Zealand enterprise, but also a strong belief that the business school needs to be ready to address the challenges confronting New Zealand.
"The best way he could make the school relevant and have an impact was to get them tied up with the growth challenges confronting small and medium sized enterprises," says Whittred.
Applicants will be whittled down in about one month's time with a final decision expected in November.
Whittred says interested applicants can visit www.entrepreneurschallenge.co.nz
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