Business banking platform, Tide has made a big commitment to supporting women in business. We have promised to support 100,000 in starting out in business by the end of 2023.
We’re making this stand in response to the Alison Rose Review of Female Entrepreneurship, which found that only 32% of UK entrepreneurs are women and revealed a huge untapped potential for the UK economy, as well as a real need for greater support for entrepreneurial women. As a result, the government has committed to increase the number of female entrepreneurs by 600,000 by 2030. And we’d love to support these women in their entrepreneurial journey.
Unfortunately, there are lots of reasons why women don’t open their own businesses at the same rate as men, but a few of the reasons mentioned in the Rose Review are:
- A lack of funding directed towards female entrepreneurs
- Insufficient family support
- A lack of accessibility to local support, guidance and relatable mentors and networks
At Tide we work with small businesses day in and day out and have a great understanding of the support and guidance needed to start a business. This means we are perfectly placed to provide that support, guidance, and mentorship to women wanting to start out in business – giving them the help they need to take the first step.
Tide’s commitment includes:
- Welcoming 100,000 female-led businesses to Tide by the end of 2023
- Tracking and reporting on female entrepreneurs using Tide
- Implementing a series of initiatives to support women in opening their own businesses, consisting of events to allow women to learn from female entrepreneurs successfully running their own businesses, workshops with expert speakers, and a mentoring scheme, with a number of other initiatives in the pipeline
We know this is an ambitious target, however, given our strong growth to date, our digital proposition and our goal to become the number one challenger in the industry, we believe we are in a strong position to achieve this target and to make a significant contribution to budding female entrepreneurs and the UK economy.