Tide to help 200,000 women launch new businesses by 2027

Digital business banking platform Tide has committed to helping launch 200,000 women-led businesses by 2027.

The commitment builds on its aim to help 100,000 women-led businesses get started by the end of 2023 — a milestone which it surpassed in March.

Though there are more female founders than ever, still just 5.6 per cent of women in the UK run their own businesses — compared to 11 per cent in the US and 15 per cent in Canada.

More than half of women in the UK have had loan requests rejected, according to a Tide survey, and see access to funding as an barrier.

“Having listened to our members, we know the struggles they face when starting and running a business and we want to make that process as easy as possible,” Tide SVP member engagement Heather Cobb said.

“Today’s commitment is just the beginning of our journey to improve gender equality in entrepreneurship and we look forward to working with Mastercard and others to achieve this goal,” she added.

Tide members will be directed to Mastercard’s Strive UK programme, which focuses on helping small businesses gain digital skills, includes free access to training and advice on how to tackle challenges they might face when founding a business.

“There’s so much we can do to support women entrepreneurs if we work together,” Mastercard UK and Ireland president Kelly Devine said.

“Entrepreneurs told us that they often don’t know where to look for credible support services, so it’s great that Tide is helping women find support, inspiration and information that will help them start and grow a business.”