- Funding Circle partners with charity Hatch Enterprise to provide start-up companies with critical resources to help them reach their potential
- 1-1 mentoring, financial training and financing clinics will be provided throughout the 12 month partnership
- As part of its Environment, Social and Governance (ESG) agenda, Funding Circle continues its commitment to empowering small businesses across the UK
London, Wednesday 28 September 2022: The UK’s largest small business lending platform, Funding Circle and charity Hatch Enterprise join forces with a mission to empower under-represented entrepreneurs to develop, create and grow sustainable and impactful businesses through tailored support, community and partnerships.
Throughout the 12-month partnership, Funding Circle volunteers — known internally as Circlers — will train, mentor and coach start-up companies on learning skills to help them start, grow or scale their businesses. Funding Circle has also donated £40,000 and encouraged entrepreneurs to approach their challenges through the 2022-2023 Hatch program in a constructive, supportive and personalized way.
The under-representation of small businesses in the UK is an ongoing problem, with a clear lack of support, business knowledge and access to available networks. Research has found that less than 1% of venture capital goes to women-led businesses, but there is a £250bn opportunity from empowering women entrepreneurs. Looking at ethnic minorities, fewer than 7% of small businesses are run by ethnic minorities, yet they are 58% more likely to be involved in product or service innovation.*
Launched in Brixton, London in 2014 to advance solutions to the problems facing underrepresented businesses, Hatch has now expanded its reach in the UK. To date, the charity has supported over 6,700 UK entrepreneurs through its flexible community-based support (coaching, clinics and events) and bespoke Launchpad, Incubator and Accelerator programmes. Today, over 80% of Hatch graduates are women or members of one of the marginalized genders, 71% of cohort participants are Black or other ethnic minorities, and 90% of entrepreneurs have a social or environmental impact on their business.
Aiming to build a fairer society, the charity is committed to raising funds by 2026 with a £10m Hatch Fund to provide Hatch graduates with funding to support business growth.
Funding Circle helps SMEs thrive by providing access to more than just the funding they need. Believing that small businesses are key to the UK’s economic recovery, the UK’s largest lender prides itself on recognizing how small businesses work, the challenges they face and how their loans support small business growth.
Naomi Nathan, Community Program Manager at Hatch Enterprise said: “Our new partnership with Funding Circle opens up a number of powerful opportunities for Hatch founders. We love seeing their employees volunteer by sharing their skills and expertise to support founders with their business challenges through financial mentoring, 1:1 consultancies, clinics and more. With Funding Circle, we are also expanding our range of support for founders in the area of access to funding.”
Alexander Allen, UK Managing Director at Funding Circle said, “We are extremely excited to launch our new partnership with Hatch Enterprise and help some incredible entrepreneurs realize their potential. Our team of Circlers can’t wait to get started and help entrepreneurs learn, develop and thrive. At Funding Circle we proudly support SMEs across the UK and we firmly believe that they drive the UK’s economic growth and play a key role in building the SME community.”
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