HSBC UK is pioneering support for female entrepreneurs with a £250 million growth fund.
- A significant 18% of female leaders cite funding as a major challenge.
- Nearly 47% of women plan to expand their businesses in the next year.
- HSBC offers not just funding, but masterclasses and networking events.
- The initiative aims to bridge a $1.7 trillion credit gap for women-led businesses.
HSBC UK has taken a groundbreaking step to support female entrepreneurs by launching a £250 million growth fund. This initiative targets the financial challenges faced by women-led businesses, as highlighted by new research showing that nearly one in five female business leaders view funding as a significant obstacle to scaling their enterprises.
With almost half of female business leaders aiming to expand their operations, either domestically or internationally, the necessity for financial backing becomes even more pressing. However, financial support remains a top challenge, with one in ten entrepreneurs finding it tough to secure the necessary funds. Additionally, one in five women have had to delay or cancel business plans due to these financial constraints.
The Women’s Business Growth Initiative by HSBC UK is designed to bridge the substantial credit gap, estimated at $1.7 trillion globally for women-led businesses. Stephanie Betant of HSBC UK expressed the core aim to tackle the significant barrier of access to finance, emphasizing that without adequate credit lines, women often have to pause or abandon their innovative ideas and growth plans. She further stated the bank’s commitment to leveraging its financial expertise and global network to enable women-led businesses to reach their full potential.
Beyond funding, the initiative offers quarterly growth masterclasses hosted by senior leaders at HSBC, along with networking events. These are structured to provide essential skills and connect women-led businesses for mutual support. Topics covered in these masterclasses include supply chain management, selecting international markets, and developing business plans and forecasts.
An additional insight from HSBC’s research, conducted with 1,014 female business leaders, reveals that almost one in four women do not seek any support from family or colleagues when facing business challenges. Recognizing the importance of broader support systems, HSBC UK is fostering a community that encourages collaboration and shared knowledge among women-led enterprises.
HSBC UK’s initiative marks a pivotal move in empowering women-led businesses, aiming to fuel economic growth and innovation.
