A £10m fund has been established to finance loans, training and mentorship for women entrepreneurs in the UK.
Women can apply to borrow up to £30,000 in any one application from the loan fund which has been set up by business community for women entrepreneurs Enterprising Women and Lloyds TSB Commercial.
Bev Hurley, chief executive of YTKO, the creators of Enterprising Women, said there are inferior funding deals for women-owned businesses despite evidence that women are a good credit risk.
Despite this, Hurley said that both men and women entrepreneurs “still don’t robustly test and validate their business plan against the commercial reality of the market”.
This is where the training and mentoring component of the scheme comes in. Through the new programme mentors will offer face-to-face support as well as help via phone and email.
The scheme will aim to remove some of the obstacles preventing women from starting and growing companies said Hurley. “The application process is simple and straightforward. It’s a great source of funding and personal support for women looking to start or expand their business.”
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