HSBC UK has unveiled the HSBC Women’s Business Growth Initiative, a £250 million funding program designed to support women-led businesses by tackling the critical barrier of access to finance.
New research from HSBC shows that almost one in five (18%) female business leaders see financing as a major obstacle to scaling their business.
The initiative comes at a crucial time, as almost half (47%) of female business leaders plan to expand their businesses in the coming year, both nationally and internationally. However, for one in ten of these entrepreneurs, obtaining financial support remains the biggest challenge. Additionally, one in five (20%) women have postponed or canceled their business plans due to difficulties in obtaining financing.
The HSBC Women’s Business Growth Initiative aims to close the credit gap for women-led businesses, which is estimated at $1.7 trillion globally. In addition to funding, participants in the initiative will have access to quarterly growth masterclasses hosted by senior leaders at HSBC, as well as networking events designed to connect them with other women-led businesses.
Stephanie Betant, Head of Global Trade Solutions and Lead Sponsor for Women-Led Businesses at HSBC UK, said: “Our new Women’s Business Growth Initiative aims to tackle one of the biggest growth barriers for female business leaders: access to finance. Without sufficient lines of credit, women are too often forced to put their innovative business ideas and growth plans on hold, or cancel them entirely.”
Betant added: “At HSBC UK we want to drive meaningful change by using our financial expertise and global network to help women-led businesses realize their full potential, helping them achieve growth and create a stronger economy. ”
The HSBC research, which surveyed 1,014 female business leaders, also found that almost one in four (23%) do not seek support from anyone, including family, friends or colleagues, when facing challenges within their business. Recognizing the need for broader support, HSBC UK will launch quarterly masterclasses on key growth topics such as supply chain management, selecting international markets and preparing business plans and forecasts.
The bank will also host networking events to bring together companies involved in the initiative, fostering a community of support and collaboration among women-led businesses.
With this comprehensive approach, HSBC UK aims to not only provide financial support, but also create a robust support network that enables women entrepreneurs to thrive and contribute to a more dynamic economy.