On 19th November the Government launched the Aspire Fund – a £25 million investment fund for women led businesses. The Aspire Fund is the first of its kind and will receive over £12.5 million in funding from the Department for Business, Enterprise and Regulatory Reform which is matched by a further £12.5 million from private sector investment.
The fund forms part of a range of measures outlined in the Government’s Enterprise Strategy to promote and support the development of women’s enterprise.
The Aspire Fund will consist of support, guidance, and investment readiness assistance to help strengthen the funding propositions from women entrepreneurs. Working through a network of investment readiness providers and programmes, women entrepreneurs will be directed to the fund’s investment partners.
The fund will be accessed via Business Link and managed by Capital Enterprise Limited and will act as a beacon to encourage women with businesses to seek appropriate equity finance and will also demonstrate to the business community what investment opportunities already exist from businesses being run by women.
Minister for Economic Competitiveness and Small Business, Shriti Vadera said: “There are 20% more people in enterprise in the US than in Britain, and the majority of that gap is made up of women. Getting more women entrepreneurs is an economic issue not just an equality issue. If we were to match US levels of women’s enterprise there would be 900,000 new businesses in the UK.
There is a wealth of untapped talent and economic opportunity could significantly boost the economy in these uncertain times. The Women’s Investment Fund marks the Government’s strong commitment to support women in business.”
Businesses interested in finding out more about the risk capital funding and how to access it will be able to contact their local Business Link operator who can signpost them to appropriate provision.
To find your local Business Link operator visit www.businesslink.gov.uk