SINGAPORE, May 12 Reuters HSBC Holdings said on Thursday it was launching a 1 billion lending fund to invest in femaleowned businesses over the next 12 months.

The level of funding received over time by femaleled businesses is significantly lower than male counterparts, while the recent impacts of the pandemic have seen these same businesses disproportionately affected, Sam CooperGray, global head of market strategy at HSBC Business Banking, said in a statement.

Femaleowned businesses are also less likely to have global networks, meaning international expansion can prove particularly challenging, she said.

The fund appears to cover more markets than any other such initiative.

In January 2021, NatWest Group allocated 1 billion pounds 1.2 billion to support femaleled businesses in Britain recover from the COVID19 pandemic, adding to 1 billion pounds the bank made available in 2020.

HSBC said access to funding remained one of the biggest hurdles for female business leaders worldwide. Femaleowned businesses had received just 3 of startup funding in 2019, HSBC said.

HSBC39;s Female Entrepreneur Fund will be open to both new and existing customers across 11 markets, with nearly half of them in Asia, including Hong Kong, Singapore and Indonesia. Other markets include the United States, Britain and Uruguay.

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Reporting by Anshuman Daga; Editing by Bradley Perrett

Source Reuters