Visa Foundation, the philanthropic arm of Visa, is launching a three-year initiative to support and empower women-led small businesses (SMBs) through a comprehensive training, community building and micro-grant programme.
By joining forces with social enterprise company INCO, the Visa Foundation programme will look to deliver impactful financial and business support to 500 UK-based female founders to address the gender financing gap facing women entrepreneurs in the UK.
Recognising that women entrepreneurs continue to face barriers when accessing investments and resources that support innovation, and that female-founded businesses in the UK only receive a two per cent share of total venture capital investments, the Visa Foundation initiative aims to close this gap by providing women entrepreneurs with the skills and resources they need to further grow their business and unlock new opportunities.
The programme will support early-stage, revenue-generating, small companies with an interest in social and environmental impact and builds on Visa Foundation’s existing £16million commitments that have helped support roughly 8,500 small businesses in the UK.
Najada Kumbuli, head of investments and partnerships at Visa Foundation, said: “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.”
Female financing at Visa
Hannah Rhodes, associate director at INCO, commented: “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.”
Launched in January 2019, the programme has invested over £2.5million worldwide in grants and coaching for female SMB owners across Europe and hosted thousands of women entrepreneurs at in-person and virtual workshops around the globe.
Mandy Lamb, managing director, UK & Ireland, at Visa, also commented: “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.”
Visa’s commitment to removing the barriers women founders face goes beyond Visa Foundation’s partnerships. For example, Visa ‘She’s Next’ programme is a global initiative to spotlight women in their efforts to fund, run, and grow their businesses.
The post Closing the Gender Financing Gap: Visa Foundation Launches Initiative to Support Women Led SMBs appeared first on The Fintech Times.
