A press conference was held on May 26, 2014, at the premises of the Beirut Traders Association (BTA) in Sanayeh, to launch the fourth edition of the “Grow My Business” competition, an initiative by the BTA, in collaboration with the MIT Enterprise Forum – Pan Arab Region, and in partnership with Bank Audi sal.

Building on the success of the last three years, the competition consists in coaching a selection of Lebanese entrepreneurs and SME owners and guiding them in developing appropriate business plans which would help their businesses to grow. Candidates can download the application from the website www.growmybusiness.me, following which a jury composed of prominent figures of the BTA, of the MIT Enterprise Forum – Pan Arab Region, and of Bank Audi will select the top 25 candidates on August 4, 2014. During the second stage of the competition, the 25 nominees will benefit from a workshop organised by experts and professors, and focusing on how to draft a successful business plan. All 25 business plans are then submitted to the jury who will accordingly choose the 12 best candidates and assess them through a series of oral presentations. In light of these enriching sessions, the jury will pronounce, early October 2014, the ultimate winner of the fourth “Grow My Business” competition who will win a LBP 50,000,000 prize courtesy of Bank Audi.

Mr. Nicolas Chammas, Chairman of the Beirut Traders Association, seized the opportunity to explain that “the purpose of this competition is to give a tangible added value to small and medium-sized companies, to uplift the professional standards of the commercial sector as a whole, and to contribute to the sustainable development of the national economy.”

Mrs. Salam Yamout, Secretary General of the MIT Enterprise Forum – Pan Arab Region, corroborated this statement, adding: “It is essential for small businesses to remain flexible and agile during uncertain times. The GMB competition is designed to provide the needed know-how and skill set for proper business planning which can reduce business risks and insure growth.”

As for H.E. Mr. Raymond Audi, Chairman – General Manager of Bank Audi, he underlined that “Bank Audi’s involvement in “Grow My Business” is an extension to its solid conviction that SMEs are the major engine of the Lebanese economy.” He added: “Three years after kick starting this initiative, we can actually see the positive outcome on participants and winners who have expanded their businesses and made a name for themselves while creating more jobs. This is the ultimate reward we were hoping to get when we signed in.”