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12 May 2022
HSBC Introduces $1 Billion Loan Scheme for Female Entrepreneurs
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On Thursday, HSBC Holdings announced that it will be debuting a $1 billion loaning fund to help support the business initiatives of female entrepreneurs over the course of the next 12 months, reported Reuters.
HSBC Business Banking’s Global Head of Market Strategy, Sam Cooper-Gray said in a statement, "The level of funding received over time by female-led businesses is significantly lower than male counterparts, while the recent impacts of the pandemic have seen these same businesses disproportionately affected." She added, "Female-owned businesses are also less likely to have global networks, meaning international expansion can prove particularly challenging."
HSBC’s Female Entrepreneur Fund, which is reportedly the world’s largest of its kind till date, aims to back female-owned businesses and is a major step towards helping female entrepreneurs foot their mark in the realm of commerce.
The financial support scheme will be made available to new and current customers in 11 markets including Singapore, Hong Kong, Britain, Indonesia, Uruguay, and the United States, reported Reuters.
©Photo: Financial Times