BFS is bucking national business trends by helping twice the UK average number of women to start up in business in the North West.
42% of the loans and support awarded to clients of the Start Up Loan programme, delivered by BFS, have been to women. This has grown from a figure of 30% in 2013 and is more than twice the national average of 18% of businesses which are owned or managed by women, this according to figures provided by the 2014 BIS Small Business Survey 2014 which showed that of the 5115 small businesses surveyed by BIS just 18% were ‘women-led’, (defined as controlled by a single woman or having a management team, a majority of whom are women*).
Paul Breen, Director of Business Finance Solutions, said: “The number of women embracing entrepreneurship in the North West is a really encouraging reflection of the 21st century workplace and could have a significant effect on the economy.
“Traditionally women may have been discouraged from starting up their own business by a number of factors, from access to finance to childcare, but our new figures show that women across the region are overcoming these barriers. Women make up 52% of the population so if only 18% of that number are starting up businesses, that leaves a huge amount of untapped potential.
“By making our low interest loans, mentoring and start up support more available and approachable to everyone we have been able to support some incredible women owned businesses to start up, grow and create jobs – from cafés and childcare to taxidermy and retail. Research has also shown that start ups run by women tend to be less likely to fail than those run by men because women are generally more risk averse and tend to avoid some of the pitfalls that can derail new businesses.”
Recent women owned businesses that have received a loan from Business Finance Solutions include: