Small and medium sized enterprises (SMEs) in the Wales have just one week left to enter an online HSBC competition which could see them walk away with £150,000.

The Elevator Pitch (www.hsbc.co.uk/elevator), designed for UK businesses with a turnover of up to £10 million, asks businesses to submit a 90-second pitch video before November 30, outlining how they would spend the £150,000 prize to grow their business.

Nigel B Davis, HSBC’s Head of Business Banking in Wales, said: “Launching and growing a business is no easy task as you balance day-to-day needs while also looking ahead to future opportunities. The Elevator Pitch provides one business the opportunity to fast-forward their growth plans and make investments that might not have been considered for another two or three years.

“We’ve had some great entries through so far, with businesses presenting clear ideas on how the funds would assist in helping to grow their business. We’re looking forward to seeing more entries in the final week, and encourage everyone to submit an exciting idea that would change your business for the better.”

HSBC is searching for innovative responses to the brief, with the 10 best videos to be selected in February next year. Finalists will then be invited to attend a two-day masterclass, where they will receive coaching and advice on how to improve their business, before re-pitching to an expert panel. The winner will be announced in March.

Some of the ways Welsh SMEs might use the money include investing in staff training, developing new sales channels, delivering a one-off marketing campaign, incorporating new technology and IT systems or expanding into new markets.

To find out more about the competition and to upload your business’s 90-second video, visit www.hsbc.co.uk/elevator before the closing date of 30 November 2015.

As well as The Elevator Pitch, HSBC is also providing UK businesses with access to knowledge, insight and the experience of business leaders to help take their business to the next level. Other initiatives include The Elevator Talks, a series of live events featuring top business leaders and experts, and The Elevator Guides, essential online reading material offering practical tips and advice to help overcome challenges to growth and help businesses realise their growth ambitions.