Alison Rose

Last year, the Government-commissioned Review identified 8 practical recommendations to start to address the barriers facing the UK’s female entrepreneurs.

The Progress Report highlights the real, tangible action that has been taken over the year as private and public organisations have come together to address the disparity which exists between female and male entrepreneurs, a gap that the Review identified as being worth £250 billion in untapped potential for the UK economy.

With access to capital still being identified as the biggest barrier, the Rose Review Update announces that Coutts, the Private Banking arm of NatWest, is working with BGF to launch The UK Enterprise Fund. Through this private investment fund, together Coutts and BGF will bring additional funding, growth capital and support to entrepreneurs, allowing them to scale up and grow.

The partnership will identify and address equity gaps across the whole of the UK entrepreneurial ecosystem, with specific initiatives and programmes focused on female-led businesses and increasing the diversity of management teams.

Alison Rose, CEO NatWest, said: “When we launched the Rose Review 12 months ago, the ambition was this would galvanise real action through a series of recommended practical steps. Over the course of the last 12 months we have seen real action. I am proud today to provide this Update Report, full of examples of the tangible and targeted support that has been implemented for the UK’s female entrepreneurs.

“Announcing that Coutts is working with BGF to develop The UK Enterprise Fund, 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.

“Throughout the year, NatWest has also announced £1bn of Female Entrepreneurship Funding, launched Back her Business the UK’s only female crowdfunding platform, developed and launched a number of Family First banking products, and successfully piloted and rolled out the financial Expert in Residence programme across all 38 LEPs. And I know that other banks and institutions are equally committed to making a difference and have activity underway - together we have established The Rose Review Board and the Council for Investing in Female Entrepreneurs.

“The progress that has been made in a relatively short period of time, whilst impressive, is just the beginning. I look forward to continuing to work with all those individuals who are devoting their time and energy to the cause of helping female entrepreneurs – as we look to achieve the Government’s target to increase the number of female entrepreneurs by half by 2030.”

Improving access to capital has been an absolute priority for all involved in driving the Rose Review’s recommendations, and other progress over the year also saw the announcement from NatWest of £1bn of ringfenced debt funding for female-led businesses, the largest intervention yet by a UK lender. And through Back Her Business, the UK’s only female crowdfunding platform, NatWest has supported female-led businesses raise over £3 million across the UK since it launched last April.

Paul Scully, small business minister, added: “We are committed to closing the gap between male and female entrepreneurs, equipping women with the tools they need to start and grow their own businesses. There is still work to do to remove the barriers faced by women, but the Rose Review has already made a huge impact in just one year.”