According to research released by Crunch Accounting in March 2016, the number of UK women starting their own business has risen by 42% since 2010, with almost a third of new businesses in the UK now founded by women, compared to just over a fifth in 2012.
Additional figures from HSBC revealed that 59% of business owners under the age of 35 are now women, with female entrepreneurs believed to be generating an average turnover of £4.1 million in 2015, compared to £4 million by their male counterparts.
However, despite the continued growth of female entrepreneurship in the UK, the overwhelming majority of businesses on these shores are still owned by men.
A recent report from the Federation of Small Businesses (FSB) found that childcare, availability of business support and access to finance were some of the principal challenges faced by women when it comes to starting and growing a business. The report, entitled ‘Women in Enterprise: The Untapped Potential’, references research by the Women’s Business Council that suggests the UK economy is missing out on more than 1.2 million new enterprises due to the untapped potential of women.
Access to finance
A quarter of female business owners surveyed by the FSB identified the ability to access finance as a key challenge of starting their own business. Its report also highlighted that awareness and take-up of alternative forms of finance is lower among majority women-led firms, and called for a government-led awareness campaign to help inform women of their business funding options.
Since the recession of the late 2000s, a number of alternative finance providers have emerged to help plug the SME funding gap that was created when banks scaled back their lending to small businesses.
Alternative lenders like Fleximize can finance a business in as little as 48 hours, and don’t tend to apply the strict criteria of banks when it comes to assessing a funding application. This can save business owners the frustration of waiting weeks for a meeting with their bank manager, only to be told that they’re not eligible for finance.
Flexible business loans for women
Fleximize’s business loans are an attractive option for female business owners who are looking for a speedy and flexible finance solution. The key features of our loans are as follows:
- Borrow between £5,000 and £500,000
- Unsecured borrowing on a flexible term of up to 24 months
- Secured borrowing on a flexible term of up to 48 months
- Simple online application
- Approval in as little as 48 hours
- Top-ups and repayment holidays
- No upfront fees or early repayment charges
Every business owner that applies for finance with Fleximize is assigned their own relationship manager, who works closely with them to build a funding package that’s tailored to the needs of their business. Where possible, we try to look beyond an applicant’s credit history when assessing their eligibility for finance, which means we often fund companies that were declined by traditional lenders.
If you can demonstrate how you’ve turned around an inconsistent record of repaying debt, and that your business has the potential to generate sustained revenue and growth, you might be eligible for funding from Fleximize.
Olivia Crighton was able to move her hair salon to a larger premises thanks to a Fleximize business loan.
If you’d like to find out more about your business finance options, feel free to give one of our relationship managers a call on 0207 1000 110. Alternatively, you can get a quote, or apply in minutes by clicking on the button below. We’re looking forward to helping your business grow.