NatWest Group CEO, Alison Rose, commented: “As we build a purpose-led bank that champions the potential of people, families and businesses up and down the country, we are committed to supporting the UK’s recovery from the crisis. However, if women find themselves at even more of a professional disadvantage on the other side of this crisis, then we’ll be attempting to build an economic recovery whilst ignoring a huge area of potential."
“All of us, from ministers to employers, have a duty to ensure that further pain isn’t felt disproportionately by women and that anyone who retains an ambition to start or grow a business is helped with targeted and innovative assistance. We’re determined to play our part and I’m pleased to confirm that we are now able to launch a second £1bn tranche of funding to continue and extend our support to female entrepreneurs and business owners.”
Small Business Minister and Co-Chair of the Rose Review Board, Paul Scully added: “We want to make the UK the best place in the world to start and grow a business and that means backing entrepreneurs from all walks of life, regardless of gender or ethnicity."
“It is fantastic to see a large company like NatWest doubling its support for female-led businesses to £2bn, giving a lifeline to thousands of companies as we build back better from coronavirus.”
Martin McTague, Policy Director of the FSB commented: “FSB research shows women-led small businesses are less likely to access any form of external finance than their male counterparts, with a quarter of women business owners telling us that the ability to access finance is a key challenge to starting their own business. Dedicated funds like this, promoted to current and potential small business creators, could make a real difference.”
Hannah Essex, co-executive director at the BCC, said: “There is no questioning the talent and capability of so many women who want to set up and run their own businesses in the UK. It is vital that these brilliant women are supported with the investment they need to get their ideas off the ground. As the UK gradually emerges from the pandemic then this additional financial support will be a welcome boost to female entrepreneurs looking to lead the economic recovery.”
The Female Entrepreneurship Funding builds on a number of initiatives that the bank already has in place to support women looking to start, scale and grow their businesses. The NatWest Accelerator hubs have supported over 1,230 entrepreneurs of which 43% were female and NatWest’s ambition is to help create an additional 35,000 new businesses in the UK by the end of 2021 - focusing efforts on underrepresented groups and geographical inequality. In addition, the bank aims to support 200,000 people to consider starting a business in 2021, of whom 60% will be female and 20% will be from a Black, Asian and Minority Ethnic background.
In addition, to support the UK’s recovery from the Coronavirus in partnership with the Federation of Small Businesses and British Chambers of Commerce the bank has established an SME Transformation Taskforce that meets today. The Taskforce brings together policymakers, business groups and small businesses to identify the barriers that can be removed to support recovery and future growth. Also, alongside the British Growth Fund, we have established The UK Enterprise Fund that enables Coutts’ clients to invest in diverse and high-potential growth economy companies across all regions of the UK.
- Applies to NatWest Business Banking Book amongst businesses with a turnover of £2m an under.
- All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 1066 adults of which 723 Male, 343 Female. Fieldwork was undertaken between 29th-31st December 2020. The survey was carried out online. The figures have been weighted and are representative of British business size.
Disclaimer
This article is for media use only and is not a financial promotion.
Eligibility criteria applies. Funding will be available to sole traders, partnerships and Limited Companies which are female led (Min 50% ownership by female or female in prominent position on Board e.g. MD, CEO,CFO,COO). Security and product fees may apply. For business use only.
