HSBC UK has introduced a £250 million initiative aimed specifically at supporting women-led businesses. This move seeks to address the financial barriers that female entrepreneurs often face. The fund offers not only financial support but also vital skills development through masterclasses and networking opportunities.
Addressing Financial Barriers
New research by HSBC highlights that almost one in five (18%) female business leaders view funding as a significant obstacle to scaling their enterprises. The initiative comes at a crucial time, with nearly half (47%) of female business leaders planning to expand their operations in the coming year. However, securing financial support remains the top challenge for one in ten of these entrepreneurs.
Further exacerbating the issue, one in five (20%) women have delayed or cancelled their business plans due to difficulties in accessing finance. HSBC UK’s new growth fund aims to bridge this gap, offering much-needed financial support to women-led businesses.
Comprehensive Support Beyond Funding
Participants in the initiative will gain access to quarterly growth masterclasses led by senior leaders at HSBC. These sessions aim to equip female entrepreneurs with essential business skills, covering topics like supply chain management and selecting international markets. Additionally, networking events will foster connections among women-led businesses.
Stephanie Betant, Head of Global Trade Solutions and lead sponsor for women-led businesses at HSBC UK, emphasised the significance of this initiative. She stated, “Our new Women’s Business Growth Initiative seeks to tackle one of the biggest growth barriers for female business leaders: access to finance.”
The Global Credit Gap
The global credit gap for women-led businesses is estimated to be a staggering $1.7 trillion. Without sufficient credit lines, many women are forced to put their innovative business ideas on hold. This initiative aims to address this gap and empower female entrepreneurs to pursue their growth plans.
Betant added, “At HSBC UK, we want to drive meaningful change by using our financial expertise and global network to help women-led businesses realise their full potential.” HSBC’s research also revealed that nearly one in four (23%) female business leaders do not seek external support when facing business challenges.
Creating a Supportive Community
Recognising this, HSBC UK will host networking events designed to connect women-led businesses, providing a robust support network. These events aim to foster a community of collaboration and mutual support among female entrepreneurs.
By creating such a community, HSBC UK hopes to not only provide financial backing but also to help female entrepreneurs thrive and contribute to a more dynamic economy.
Structured Masterclasses
The quarterly masterclasses will cover essential growth topics like crafting business plans and forecasts, crucial for scaling operations. These sessions will be led by experienced leaders who bring a wealth of knowledge and expertise.
Furthermore, the masterclasses aim to address specific challenges female entrepreneurs face, providing tailored advice to help them overcome obstacles and achieve sustainable growth.
Networking Opportunities
In addition to masterclasses, the initiative will organise networking events. These events aim to create opportunities for women-led businesses to connect and collaborate, enhancing their growth potential.
By participating in these networking events, female entrepreneurs can share experiences, gain insights, and build relationships that support their business growth. This collaborative approach is designed to create a supportive environment where women-led businesses can thrive.
Driving Economic Growth
Ultimately, the initiative aims to drive economic growth by empowering female entrepreneurs. By supporting women-led businesses, HSBC UK seeks to create a more inclusive and dynamic economy.
This comprehensive approach ensures that female entrepreneurs have the resources and support they need to succeed, contributing to overall economic growth and development.
In summary, HSBC UK’s £250 million growth fund represents a significant step towards empowering women-led businesses. Through financial support, masterclasses, and networking opportunities, the initiative aims to address and overcome the barriers female entrepreneurs face.
By fostering a supportive community and providing essential resources, HSBC UK is helping to create a more inclusive and dynamic economy, enabling women-led businesses to achieve their full potential.
