A UK government-backed initiative to improve access to finance for women-led businesses has grown from just 12 signatories in 2019 to more than 330 organisations.
The Investing in Women Code has been backed by most major UK retail banks, venture capital firms, angel investors and lenders, with new signatories this year including Nationwide and Innovate U.
Among the supporters of the Code is pitching organisation Scottish EDGE, whose CEO Evelyn McDonald was awarded an honorary doctorate by the University of the West of Scotland at yesterday’s graduation ceremony at Paisley Abbey.
The findings, published today as part of the Code’s annual report, come as Westminster works to unlock the UK’s full entrepreneurial potential by ensuring talented founders can access the finance they need to start and scale businesses, regardless of gender.
The report also revealed that for the sixth consecutive year, signatories have directed a greater proportion of funding to female-founded businesses than the wider market.
Blair McDougall, Minister for Small Business and Economic Transformation, said: “For the sixth year in a row, Investing in Women Code signatories have outperformed the wider market, showing that backing female founders is good for business and good for growth.
“Yet women-led businesses still face greater barriers to funding and growth. That is why the Code matters – helping more women start, scale, and succeed, while unlocking talent, creating jobs and strengthening the UK economy.”
Kristen McLeod, chief strategy officer at British Business Bank, said: “This year’s findings show that the Investing in Women Code is helping to gradually shift the dial, but it’s clear there is much more to do.”
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