Government launches £25 million business fund
Nov 20 2008
The government has launched a £25 million fund to aid women in business, aimed at high-growth companies.
Between £100,000 and £2 million will be issued to each company from the Aspire Fund to help the firms grow, in addition to promoting and supporting women in the business world.
Around £12.5 million of funding will come from the Department for Business, Enterprise and Regulatory Reform, matched by a further £12.5 million from the private sector.
Shriti Vadera, minister for economic competitiveness and small business, says there are 20 per cent more people engaged in enterprises in the US than the UK and the majority of this gap is due to a lack of female-led firms.
'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,' she adds.
Vadera states the fund demonstrates the government's 'strong commitment' to supporting women in business.
Earlier this week prime minister Gordon Brown and secretary of state for business Peter Mandelson launched Enterprise Week, which encourages people to start their own company.