Insurance provider Simply Business has launched a new scheme called Take a Leap, which aims to encourage more small businesses to get off the ground this leap year.
The scheme has been established in response to a perceived eight-year low in business optimism owing to barriers to entry, such as bureaucracy, expertise and finance.
The prize is a £10,000 cash grant for the winner to start or grow their business.
The scheme is open to all UK-based entrepreneurs and registered companies which are set up and actively trading.
Alan Thomas, UK CEO of Simply Business, said:
‘We’re calling on the new Chancellor to use his first budget to enable more start-ups and help small businesses thrive. The financial benefit to our economy that SMEs provide should not be taken for granted.
‘It’s clear the UK needs more SMEs, not less. That’s why we’re launching a £10,000 business grant to help small businesses make the leap, and overcome the common barriers of finance, knowledge and fear.’