Campaign calls for more support for female entrepreneurs
A campaign has been launched to help provide more support for female entrepreneurs. The Federation of Small Businesses (FSB) is aiming to increase the number of women in business and has called for the UK and Welsh Government to provide more support and better access to finance.
According to the UK Government, providing more support for female entrepreneurs could help to boost the economy by £600 billion.
The campaign comes after research showed that women in business have a greater start-up success rate than men, with only 11 per cent of female-led start-up businesses failing compared to 17 per cent of businesses run by men.
The number of female entrepreneurs in the UK has risen between 2008 and 2016, increasing by 40 per cent. Research from the Office for National Statistics showed that women now make up almost a third of all self-employed people.
Research from the FSB also showed that businesses run by women face the same challenges as all small companies, with 42 per cent experiencing cash flow problems and 25 per cent having difficulty accessing finance.
Commenting on how women-led businesses could benefit the UK, Helen Walbey, chair of the FSB’s UK-wide diversity panel, said: “If women were to set up businesses and grow them at the same rate as men, we would see a huge boost to growth and prosperity in this country. In fact, the UK Government estimates it could add £600bn to the economy.”