HSBC announced that it launched a Female Entrepreneur Fund on Tuesday that will provide $1bn in lending to female-owned businesses over the next 12 months in 11 markets, including Egypt.
This comes alongside the introduction of the ‘HSBC Roar Initiative’, which enables female entrepreneurs to access a series of masterclasses hosted by experienced business leaders as well as a tailored networking sessions with major companies in markets where the fund operates.
It also provides insights from the investor community and the opportunity to pitch to angel investors along with bespoke advisory for female entrepreneurs from experienced HSBC bankers.
These initiatives aim to break down the barriers faced by female entrepreneurs and provide the infrastructure and support to help them scale and grow their businesses.
Access to funding remains one of the biggest hurdles for female business leaders worldwide. Female-owned businesses received just 3% of start-up funding in 2019, while only 2% of venture capital deployed globally went to female-led enterprises. Boston Consulting Group estimates closing the gender gap for women-led businesses could boost global GDP by $5 trillion.
Sam Cooper-Gray — Global Head of Market Strategy at HSBC Business Banking — said: “We are delighted to launch the Female Entrepreneur Fund and the HSBC Roar Programme today to help address the challenges and bias that female leaders face.”