HSBC launches $ 1BN loan fund for women entrepreneurs

HSBC has announced the launch of a Female Entrepreneur Fund, which will provide 1 billion. USD in loans to women-owned companies over the next 12 months.

This coincides with the introduction of the HSBC Roar initiative, which gives women entrepreneurs access to a range of masterclasses held by experienced business leaders and tailor-made networking sessions with large companies in markets where the fund operates

The fund will also provide insights from the investor community and the opportunity to pitch to angel investors and tailor-made advice for female entrepreneurs from experienced HSBC bankers.

These initiatives aim to break down the barriers faced by women entrepreneurs and provide the infrastructure and support to help them scale and grow their businesses.

Access to finance remains one of the biggest obstacles for female business leaders worldwide. Women-owned companies received only 3% of the start-up financing in 2019, while only 2% of the global venture capital went to women-managed companies. Boston Consulting Group estimates that closing the gender gap for women-led companies could increase global GDP by $ 5 trillion.

Sam Cooper-Gray, Global Head of Market Strategy at HSBC Business Banking, said: “We are pleased to launch the Female Entrepreneur Fund and the HSBC Roar program today to help address the challenges and bias facing female executives. for.

“The level of funding received over time by women-led companies is significantly lower than male counterparts, while the recent effects of the pandemic have seen the same companies disproportionately affected. Women-owned companies are also less likely to have global networks, meaning international expansion can prove to be particularly challenging.

“As the global economy continues to rebuild from the impact of the pandemic, small and medium-sized enterprises will continue to be the foundation on which our economies and communities are built, which means we need to ensure that those led by women are supported to reach their full potential. “

The HSBC Female Entrepreneur Fund will be open to both new and existing clients across 11 markets, and fund applicants will have access to masterclasses held as part of the HSBC Roar program.