HSBC Invests $1 Billion to Encourage Female-Owned Businesses
HSBC Holdings plc
HSBC, the global financial services company, announced that it launched a $1 billion lending fund to foster female-owned businesses over the next 12 months.
The fund appears to cover more markets than any other initiative of this nature.
NatWest Group set aside 1 billion pounds ($1.2 billion) in January 2021 to help female-led businesses in the UK recover from the COVID-19 pandemic, adding to the 1 billion pounds already made in 2020.
According to HSBC, one of the top challenges for female company executives worldwide is access to capital.
HSBS aid, female-owned businesses received only 3% of start-up investment in 2019.
HSBC's Female Entrepreneur Fund will be available to new and existing customers in 11 regions, over half in Asia, including Hong Kong, Singapore, and Indonesia. The United States, the United Kingdom, and Uruguay are other markets.
Sam Cooper-Gray, global head of market strategy at HSBC Business Banking, said:
"The level of funding received over time by female-led businesses is significantly lower than male counterparts, while the recent impacts of the pandemic have seen these same businesses disproportionately affected."
"Female-owned businesses are also less likely to have global networks, meaning international expansion can prove particularly challenging," she said.