How Visa Foundation and INCO Will Empower Female-led SMBs
Non-profit organisation, the Visa Foundation, has partnered with social enterprise INCO to improve opportunities for UK women-led businesses by launching its CatalyseHer programme.
This programme will empower female-led SMBs across the UK by providing 500 women entrepreneurs with community building, expert training and micro-grants.
Businesses that are in their early stages, owned by a woman and focus on social and environmental impact can apply from 3 February.
Najada Kumbuli, Head of Investments and Partnerships, Visa Foundation explains: “Visa Foundation is proud to launch a tailored program with INCO to provide access to skills, networks, and funding to women entrepreneurs so they can scale their businesses.
"Women entrepreneurs play a crucial role in all economies by driving innovation and impact at scale.
"This programme aims to address the main challenges faced by women entrepreneurs and create a ripple effect across many communities in the UK.”
The gender financing gap
According to the British Business Bank, UK women-founded businesses only receive a share of 2% of the total venture capital investments.
This gender financing gap in businesses exists due to a mix of economic, cultural and structural factors, including:
- Women entrepreneurs face systemic barriers in accessing funding
- Unconscious bias in investment decisions
- Women have fewer connections in investment networks
- Investors often perceive male-led businesses as lower-risk
- Loan and credit policies disadvantage women
- Cultural expectations around family responsibilities
- Lack of female representation in venture capital and finance
Directing more venture capital and credit towards women-led businesses, providing bias training for investors and increasing female representation in investment decision-making roles will help tackle the gender financing gap.
Visa Foundation’s commitment to small businesses
Visa Foundation has continued to showcase its commitment to empowering small businesses.
The non-profit organisation has already made US$20m in commitments to help around 8,5000 small businesses across the UK.
Visa Foundation also released its ‘She’s Next’ programme in 2019 to showcase women’s efforts to run, fund and grow their businesses. This programme has hosted many women entrepreneurs at virtual and in-person workshops across the world and has invested over US$2.8m in grants and coaching for female SMB owners across Europe.
Mandy Lamb, Managing Director UK & Ireland at Visa explains: “Women entrepreneurs are critical in developing a more sustainable, equitable future. By addressing barriers and providing access to resources such as funding, mentorship and networking, Visa Foundation can help unlock the potential of women-led businesses to drive further innovation in the UK.”
- 500 women entrepreneurs will benefit
- It will provide expert training, micro-grants and community building
- Selected entrepreneurs can access tailored training
- Businesses can apply for grants through a pitch process
- The programme will support women-owned businesses that focus on social and environmental impact
How will this programme improve opportunities for female-led SMBs?
The CatalyseHer programme will help close the gender financing gap by creating many jobs and driving a rise in global GDP.
Not only do women entrepreneurs create further market expansion and innovation, creating more diverse industries, but women-led businesses often prioritise sustainability and social impact, reinvesting in environmental solutions and education.
By providing women-led businesses with the training and funding required to drive innovation, the CatalyseHer programme is helping to strengthen innovation, economic growth and community development to contribute to a resilient and more inclusive economy
Hannah Rhodes, Associate Director at INCO highlights how: “At INCO, we see the meaningful impact being created by women entrepreneurs, despite the extra barriers they face.
"Supporting these entrepreneurs to thrive is at the core of our mission to build a new economy that is green, inclusive, and resilient, which is why we’re incredibly excited to partner with Visa Foundation to launch CatalyseHer, an initiative designed to accelerate women-led businesses making impact across the UK.”
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