A programme to boost female entrepreneurship in Northern Ireland has been officially renewed for 2020.
Back Her Business is Northern Ireland’s first female-only crowdfunding programme developed in partnership with established provider Crowdfunder, and forms part of Ulster Bank’s wider ambition to reduce the gender gap when it comes to entrepreneurship.
On a visit to Belfast Les Matheson, CEO of Personal Banking with RBS, made the announcement that the scheme is to be renewed following a successful first year. During the visit, Mr. Matheson took the opportunity to meet some of the female entrepreneurs who had already received funding as part of the first Back Her Business cohort and discuss with them the many ways to tackle real and perceived barriers to female entrepreneurship.
Women are able to join the programme and launch their business idea for crowdfunding. The crowdfunding programme forms parts of Ulster Bank, NatWest and Royal Bank of Scotland’s wider commitment to help, inspire and support a further 400,000 female-led businesses by 2025.
Crowdfunder will provide the infrastructure and access to its wider network of partners and entrepreneurs, with the bank acting as a connector and enabler. Though most of the funding will come from ‘the crowd’, the bank will provide a top-up in funding of £1million per annum and will be offering up to 50% of an individual’s fundraising target (capped at £5,000) for certain successful projects.
In 2019, The Rose Review unearthed the fact that only 5.6% of women run their own business and further bank data also shows that women are half as likely as men to start a business.
After the meeting, Mr. Matheson said the initiative is designed to give women the confidence to take the leap and grow their own entrepreneurial ventures.
He explained: “Backing female entrepreneurs helps everyone. lt helps our economy, the entrepreneur eco-system of cities and eventually, the wider consumer. For too long women have been put off from starting a business so we want to make this a thing of the past and support them on their business journey.
“I’ve been encouraged by meeting such a vibrant group of female entrepreneurs in Belfast this morning and am confident that this programme can help many more women-led businesses going forward.”
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