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HSBC START-UP-STARS: INNOVATION AND OLD-FASHIONED PRINCIPLES A WINNING FORMULA

Wednesday November 25,2009

By Maisha Frost

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THE founders of the winning Star-Up Star, the UK Foodhall, applied their specialist knowledge and experience to transform a whole industry sector and used partnerships and low-cost virtual networks to ensure the finances were always on a sound footing.

Karen McQuade and Robert Clark’s blend of innovative talent to forecast change and seize opportunity, while not forgetting old-fashioned business principles, is what makes them an inspiration for future entrepreneurs.

This is what Start-Up Stars is all about, says head of business banking for HSBC, Huw Morgan.

Although high street lenders are saying that more credit is available for small firms, enterprises are still wary.

“But demand is coming back,” confirms Morgan. “We are now only 10 per cent down on what we were seeing a year ago, but the appetite has not returned yet for loans.

"Companies are rather looking for working capital as they gear up for growth and increase stock levels.”

The small businesses seeking bank help are making stronger propositions, he says.

“Banks want to see realistic plans that understand margins, entrepreneurs who show they have mastered the practicals

— where customers are going to come from — and demonstrate an awareness of the real risks they run.

“Start-Up Stars this year notably had entries from enterprises that really understood those basics, this is definitely one of the few positives from the recession.”

www.network.hsbc.co.uk

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