TLDR:
– Female entrepreneurs in the UK are on the rise, with over 140,000 all-female founded companies launched in 2022.
– Women face challenges in accessing finance for high-growth businesses, receiving only 34% of the amount approved for loans offered to male-led businesses.
Despite the increasing number of female entrepreneurs in the UK, women continue to face challenges in accessing finance for high-growth businesses. In 2022, over 140,000 all-female founded companies were launched, representing a growth of over a third each year. However, women-led businesses received only 34% of the amount approved for loans offered to male-led businesses, with the average loan finance for women-led businesses being £174,000 compared to £507,000 for male-led businesses. To address this disparity, a new Taskforce called Invest in Women was formed, co-chaired by Debbie Wosskow and Hannah Bernard. This taskforce aims to bolster the number of high-growth female enterprises by improving funding access for ambitious female entrepreneurs. Wosskow emphasizes the importance of eliminating gender-based funding challenges and making the UK the most favorable environment for female founders. Despite the potential of high-growth female enterprises contributing an estimated £250 billion to the UK economy, barriers persist, including underrepresentation of women in positions of influence in equity and venture capital funding. The Taskforce, with the support of the British Business Bank, is exploring ways to amplify the value of women backing other women through match funding.
