Women-led businesses play a vital role in the UK economy, but lack of access to finance is a major barrier to businesses looking to grow, innovate and create jobs.
Research we commissioned suggests that almost half (47%) of UK female business leaders plan to expand domestically or internationally in the next year, but one in 10 say they do not have the necessary They said securing financial support was the biggest challenge they faced.
Our research also revealed that one in five companies surveyed had postponed or canceled their business plans because they were unable to access adequate funding.
This economic disparity between men and women is not just an anecdote, but a real issue that affects the growth potential of women entrepreneurs in the UK.
According to a report (opens in new window) from the British Business Bank, the government-owned economic development bank, less than 2% of every £100 of equity funding in the country goes to businesses founded by women.
One reason for this is cognitive bias. Women are often seen as risk-averse and less likely to grow their businesses. That’s where we come in.
To address financial barriers, HSBC UK has launched a £250m (US$325m) Women’s Business Growth Initiative (opens in new window). It aims to develop opportunities for UK-based businesses run by female founders, owners and managers. CEO or CFO.
We understand that different companies have different needs, but lack of access to international markets is seen as a common problem.
Our financial expertise and global network help break down the barriers faced by women entrepreneurs. We can give them access to new markets in Asia, the Middle East and the US, which will make their businesses stronger, help them grow faster and create stronger economies. .
We will also launch additional business support measures. We do this because women in business often feel isolated, and one in five of them don’t have anyone to talk to or turn to when they face challenges. Because I know.
We are building a network and community and running a series of growth masterclasses. All of this is aimed at creating opportunities for business owners. We will also provide access to relevant HSBC research and recognize success through our new annual awards programme.
Without access to finance, women-led businesses are held back. We know that if women started and scaled businesses at the same rate as men, there would be a potential £250bn boost to the UK economy. So why not try to do that?
