UK Export Finance and Derby-based Female Founder Finance are working together to help more women-owned businesses get export finance support to help grow their business and compete on the international stage.
Female Founder Finance, launched in June last year, has handed £115m in funding to women who have founded their own businesses and who have been disadvantaged when seeking access to finance.
The partnership between UKEF and Female Founder Finance will streamline the process for referring eligible businesses into one another’s financing programmes, therefore reducing missed opportunities for women owners. For example, Female Founder Finance can introduce their clients to UKEF’s short-term products for small exporters, including capital guarantees, bond support guarantees and export insurance policies. In turn, UKEF can refer female clients to Female Founder Finance where appropriate.
According to the Rose Review, only six percent of UK women run their own businesses, compared to around 15% of women in Canada, almost 11% of women in the USA, and over nine percent of women in Australia and the Netherlands. The report also estimates £250 billion could be added to the UK economy if women matched men in receiving business investment.
Tim Reid, CEO of UK Export Finance, said: “Supporting small businesses is a priority at UKEF. Each year we support a large number of small businesses. Just last year, 88% of businesses to which we provided a loan, guarantee or insurance were small or medium-sized businesses. By partnering up with Female Founder Finance we will reach out to more women-owned businesses, providing financing to support them to increase their exporting capacity.
Roxanne Goodman, Founder of Female Founder Finance, which operates from Pride Park in the city, said: “By working in partnership with UK Export Finance we can equip women-led businesses with the knowledge and funding they need, and empowering them to reach new international markets, fuelling growth and innovation through export finance, and adding back to the growth of the UK. Together, we can open doors to new markets, drive innovation, and ensure that the voice of women entrepreneurs resonates worldwide.”
