Small businesses are nimbler and sometimes better able to weather economic storms than can their larger peers, says HSBC Private Bank, which along with PricewaterhouseCoopers yesterday unveiled an awards event to honour UK firms.

The bank is co-sponsoring the 2012 Private Business Awards with PwC. The event was first held last year, attracting 400 nominations, featuring firms such as GoCompare, Dyson and Monsoon.

Private banks have been tapping into the small and medium-sized businesses sector as a current and future source of client. Other firms that have held awards events, such as for family businesses, include Coutts and JP Morgan Private Bank.

There are new categories for the awards: the Rising Star Award and the Exporter of the Year Award.  The winners will be announced on 6 September at The Royal Opera House.

“A recession often marks a period of transformation for the UK business landscape and a ‘downturn’ acts as catalyst for growth for entrepreneurs and small businesses,” said Charlie Hoffman, managing director at HSBC Private Bank (UK) and a co-chair of the judging panel.