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Coutts, the private banking arm of NatWest, together with the investment company BGF (Business Growth Fund), are planning to launch a new fund for entrepreneurs from underrepresented groups.
The UK Enterprise Fund will bring additional funding and support to entrepreneurs across the UK. It will identify and address equity gaps across the whole of the entrepreneurial ecosystem, with specific initiatives and programmes for female-led businesses and aimed at increasing the diversity of management teams.
The launch of the partnership coincides with the one-year anniversary of the Alison Rose Review of Female Entrepreneurship. The 2019 Review found that the UK is lagging behind many peer countries on the ratio of female to male entrepreneurs – for every 10 male entrepreneurs in the UK, there are fewer than five female entrepreneurs.
Stephen Welton, Founder and CEO of BGF, said:
'While there is innovation and progress in many areas of the investment and entrepreneurial communities, the lack of diversity needs to be addressed.
'BGF has already shown the power of having a clear focus on the regional economy which has resulted in over 75% of our investments being outside London and the South East. Now we want to build on that by doing more to back other underrepresented groups.'
Mo Syed, Managing Director Coutts, commented:
'We are proud to partner with BGF to launch The UK Enterprise Fund – addressing one of the key barriers as identified by the Alison Rose Review of Female Entrepreneurship, that of lack of capital.'
Further details about the initiative will be reported when available.
BGF Announces UK Enterprise Fund
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