Visa’s new programme fuels 500 women-led businesses with funding & training
Today, Visa Foundation is announcing the launch of a three-year initiative to support and empower women-led small businesses (SMBs) through a comprehensive training, community building and micro-grant programme.
In partnership with INCO, a leading social enterprise company, the programme aims 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.
Women entrepreneurs still face barriers when it comes to access to the investments and resources that support innovation, with women founded businesses in the UK receiving only a 2% share of total venture capital investments according to the British Business Bank. The Visa Foundation initiative aims to help 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 $20 (£16m) commitments that have helped support roughly 8,500 small businesses in the UK.
Najada Kumbuli, head of investments and partnerships, 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.”
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.”
Entrepreneurs seeking to access the programme can apply here. If the candidate is eligible for the programme, they will be able to choose between two training tracks: Fundamentals and Impact. Once training has been completed, the candidate will be eligible to apply for a grant by submitting a business pitch via video.
Mandy Lamb, managing director UK & Ireland at Visa 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. Launched in January 2019, the programme has invested over $2.8 (£2.5m) 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.