HSBC Holdings, the most extensive banking and financial services institution globally, is bringing investment benefits to women entrepreneurs. The company has recently announced a $100cr loan fund for this purpose which will be disbursed in the next 12 months. The article is about HSBC to Provide $1bn Loan to Women Entrepreneurs.
In a statement, Sam Cooper-Gray, Global Head of Marketing Strategy at HSBC Bijsen Banking, said that recent epidemic effects have shown that women entrepreneurs and similar male-dominated institutions have been disproportionately damaged. In addition, she said that organizations run by women entrepreneurs are lagging far behind in terms of global networking. By this, we understand that these institutions have to face many difficulties in expanding internationally.
Compared to such initiatives, HSBC plans to provide loans to more businesses through this fund. In this case, the market will be given priority as much as possible. For example, in January 2021, NatWest Group allocated 1.2 billion dollars to support businesses run by British women entrepreneurs. The allocation was made for economic recovery from the COVID-19 epidemic. The bank had issued another 100 in 2020, which was later adjusted to 2021.
According to HSBC, the most challenging hurdle for women leaders in global business is to raise adequate funds. In 2019, women-led business start-ups were able to raise only 3 percent of the funds. HSBC states that Women Entrepreneur Fund is open to new and existing customers. HSBC customers in 11 countries will be able to avail this facility. Half of these customers are in Asia. HSBC’s significant business markets in Asia are Hong Kong, Singapore, Indonesia, the United States, the United Kingdom, and Uruguay.
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