NatWest doubles Female Entrepreneurship Funding to £2bn to unlock "huge area of potential"

UK bank NatWest has announced an additional £1bn funding to support female-led businesses across the country.

NatWest has doubled its Female Entrepreneurship Funding to £2bn in a bid to boost the UK’s economic recovery as well as counter any potential disadvantage to women’s careers caused by the COVID-19 outbreak.

The bank has seen ‘unprecedented’ demand from female-led ventures since the beginning of the pandemic, and has subsequently raised its funding to £2bn.

NatWest Group CEO, Alison Rose, commented: “As we build a purpose-led bank that champions the potential of people, families and businesses up and down the country, we are committed to supporting the UK’s recovery from the crisis.

“However, if women find themselves at even more of a professional disadvantage on the other side of this crisis, then we’ll be attempting to build an economic recovery whilst ignoring a huge area of potential. “

She continued: “All of us, from ministers to employers, have a duty to ensure that further pain isn’t felt disproportionately by women and that anyone who retains an ambition to start or grow a business is helped with targeted and innovative assistance.

“We’re determined to play our part and I’m pleased to confirm that we are now able to launch a second £1bn tranche of funding to continue and extend our support to female entrepreneurs and business owners.”

Small Business Minister and co-chair of the Rose Review Board, Paul Scully. added: “We want to make the UK the best place in the world to start and grow a business and that means backing entrepreneurs from all walks of life, regardless of gender or ethnicity.

“It is fantastic to see a large company like NatWest doubling its support for female-led businesses to £2bn, giving a lifeline to thousands of companies as we build back better from coronavirus.”