In recent years, there has been growing recognition of the important role played by female entrepreneurs in driving economic growth. However, women still face significant barriers to entrepreneurship, including limited access to finance and resources. In 2019, the Alison Rose Review was launched to address these challenges and set out an ambitious agenda for change. In this article, we will take a closer look at the progress made since the launch of the Review, and explore the role of the financial services sector in supporting female entrepreneurs.
Investing in Women Code: A Commitment to Tangible Action
The Investing in Women Code is a commitment made by nearly 200 signatories across the UK’s financial services sector to support the advancement of female entrepreneurship by improving access to tools, resources, and finance. The Code is a direct response to the Alison Rose Review, which found that £250 billion could be added to the UK economy if women in the UK matched men in starting and scaling businesses. The fact that so many financial services firms have signed up to the Code is a clear demonstration of the industry’s commitment to supporting female entrepreneurs.
Women Founding More Than 150,000 Businesses in 2022
The 2023 Rose Review Progress Report highlights year-on-year progress in supporting women to start up, scale, and grow businesses. According to the report, women founded more than 150,000 businesses in 2022, and 20.46% of all business incorporations were female-led, compared to 16.65% in 2018. This shows that, despite the challenging economic climate, female entrepreneurs continue to make great strides.
Support from High Street Banks
High street banks are playing an increasingly important role in supporting female entrepreneurs and opening up opportunities for female-led businesses. Santander has launched the Women Business Leaders’ Mentoring Programme, which matches women business leaders from across the UK with carefully selected mentors from a variety of industries and backgrounds. The bank has also launched a suite of financial education resources to support women of color in business. Metro Bank, meanwhile, has made its support and resources for female entrepreneurs more visible and accessible both online and in local community branches.
Access to Finance Remains a Challenge
Despite the progress made, access to finance remains a challenge for many female entrepreneurs. The 2023 Review found that 50% of female business leaders and entrepreneurs reported finding access to funding and investment hard in the past 12 months. However, signatories to the Investing in Women Code have launched a range of initiatives to open up more diverse and accessible funding avenues at every stage of the business journey.
In conclusion, the Alison Rose Review and the Investing in Women Code have played a crucial role in raising awareness of the challenges faced by female entrepreneurs and in setting out a clear agenda for change. While there is still much work to be done, the progress made so far is encouraging. With continued support from the financial services sector and the wider business community, female entrepreneurs will be able to play an essential role in driving the UK’s economic growth in the years ahead.
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