Private bank launches funding for entrepreneurs from 'underrepresented groups'

A private banking organisation has announced that it is launching funding and support for UK entrepreneurs.

Coutts, which is the private banking arm of NatWest, has partnered with investor BGF to launch the UK Enterprise Fund, which it says will bring ‘additional funding and support to entrepreneurs across the UK’.

The company said that the funding is particularly vital for entrepreneurs who may be working against prejudice, such as women and minorities.

The partnership also highlighted the significance of the anniversary of the Rose Review of Female Entrepreneurship ahead of International Women’s Day this weekend.

Alison Rose, CEO of NatWest and author of the Rose Review, commented: “I am proud to be announcing that Coutts is working with BGF to develop The UK Enterprise Fund.

“This is a pivotal moment for the Rose Review and represents the great progress made in addressing the biggest barrier to women-led businesses, that of access to capital.”

Coutts’ partnership with BGF will build on and further scale the existing framework through which Coutts’ clients already support private businesses in the UK via the Coutts Investment Club.

Stephen Welton, founder and CEO of BGF, added: “While there is innovation and progress in many areas of the investment and entrepreneurial communities, the lack of diversity needs to be addressed.

“We are missing out on a huge opportunity to back more talented businesses.

“BGF has already shown the power of having a clear focus on the regional economy which has resulted in over 75 per cent of our investments being outside London and the South East.

“Now we want to build on that by doing more to back other underrepresented groups.

“We’re delighted to join forces with Coutts, who share our ethos and passion around inclusive entrepreneurship.

“That needs to be about more than just money. With the right focus, role models, support and capital we can and should do much better as an industry.

“This partnership will test both investor and entrepreneur appetite to do more.”