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Tide to add 100,000 female-led businesses to UK economy by 2023
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In response to the Alison Rose Review of Female Entrepreneurship, challenger bank Tide pledges to add 100,000 female-led businesses to the UK economy by the end of 2023.
Tide will also track and report on the number of female-led businesses using the banking platform and to implement a programme of initiatives to help women take the first steps in starting their businesses. These include events that enable women to learn from female entrepreneurs successfully running their own businesses; workshops with expert speakers, and a mentoring scheme.
Turning the tide
Tide’s commitment follows publication of the Rose Review, which found that only 32% of UK entrepreneurs are women, revealing a huge untapped potential for the UK economy. Following the publication of the report, the government has committed to increasing the number of female entrepreneurs by 600,000 by 2030.
Since launching in 2016 Tide has already supported 15,000 female entrepreneurs in starting out in business and is dedicated to aiding the government’s push to add another 600,000 female-led enterprises to the UK economy.
Liza Haskell, General Counsel, Tide, said: “The Rose Review has drawn crucial attention to the unrealised economic potential of female entrepreneurs and has highlighted how the UK could be one of the best countries in the world for women to start and grow a business. At Tide, we welcome this review and the government’s commitment to add 600,000 new female entrepreneurs to the UK economy by 2030. We also recognise that the industry must play a part in reaching this target.
“Today’s commitment is an ambitious one, however, given our strong growth to date and our goal to become the number one challenger in the industry, we believe we are in a strong position to achieve this target and to make a significant contribution to the UK economy.
“We believe our digital proposition, combined with our in-depth understanding of the UK start-out and start-up market, means Tide is perfectly placed to make a long-term commitment to providing the support needed to significantly increase the number of female entrepreneurs in the UK.”
As of April 2019, Tide has nearly 80,000 members, with 12% of new business current accounts being opened with Tide.