HSBC UK has unveiled the HSBC Women’s Business Growth Initiative, a £250 million funding programme designed to support women-led businesses by addressing the critical barrier of access to finance.
A new HSBC research study has revealed that nearly one in five (18%) women entrepreneurs see finance as a major obstacle to scaling their businesses.
This initiative comes at a crucial time, with nearly half (47%) of women entrepreneurs planning to expand their operations, either domestically or internationally, in the coming year. However, securing financial support remains the biggest challenge for one in ten women entrepreneurs. Additionally, one in five (20%) of women have delayed or cancelled their business plans due to difficulties in accessing financing.
HSBC’s Women’s Business Growth Initiative aims to close the $1.7 trillion credit gap for women-led businesses globally. Beyond funding, participants will have access to quarterly growth masterclasses hosted by HSBC’s senior leaders, as well as networking events designed to connect them with other women-led businesses.
“The new Women’s Business Growth Initiative seeks to address one of the biggest barriers to growth for female business leaders: access to finance. Without adequate lines of credit, women are often forced to abandon or scrap their innovative business ideas and growth plans altogether,” said Stephanie Pittant, Head of Global Trade Solutions and Lead Champion for Women-Led Businesses at HSBC UK.
“At HSBC UK, we want to make a meaningful difference by using our financial expertise and global network to help women-led businesses reach their full potential, helping them grow and creating a stronger economy,” added Pitt.
The HSBC study, which surveyed 1,014 female business leaders, also highlighted that nearly one in four (23%) do not ask anyone for support, including family, friends or colleagues, when facing challenges within their business. Recognising the need for broader support, HSBC UK will launch quarterly masterclasses covering key growth topics such as supply chain management, selecting international markets and formulating business plans and forecasts.
The Bank will also organize networking events to bring together companies participating in the initiative, fostering a community of support and collaboration among women-led businesses.
Through this comprehensive approach, HSBC UK aims not only to provide financial support, but also to create a strong support network that enables women entrepreneurs to succeed and contribute to a more dynamic economy.