RBS Releases £100m of New Funding for Scottish Female Entrepreneurs
The Royal Bank of Scotland has today announced an additional £100 million in funding to help support Scottish female entrepreneurs recover from the coronavirus.
The funds, which build on the bank’s backing of female-led business across the UK, will see £100m made available over the next four years with an ultimate aim of helping these businesses scale and grow.
In January 2020, the bank announced a UK £1 billion programme to help female entrepreneurship following the findings of The Alison Rose Review of Female Entrepreneurship (The Rose Review).
The biggest intervention by a UK lender focused specifically on female-led businesses, the extraordinary impacts of the coronavirus, and the success of the Government Lending Schemes, has had has seen unprecedented demand from female-led businesses for access to the funding and has seen it exceed its initial UK target four years ahead of plan.
In the face of this demand, investment in the programme has been doubled, with an additional £1bn of debt funding being made available, £100m of which is targeted at Scottish firms.
A central finding of The Rose Review was that the single biggest issue holding female entrepreneurs back is the lack of funding directed towards them. Traditionally women are less likely to take on debt than male-led businesses and this can impact their ability to scale and grow at the same rate.
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