2019 Royal Bank of Scotland Back Her Business for UK Female Entrepreneurs
At Royal Bank of Scotland, our aim is to help narrow the UK business gender gap. Back Her Business is designed to support the set-up of new female-led businesses (whether for profit or not for profit) in the UK by enabling women to test their business ideas (projects).
Royal Bank is enabling women to access donations or rewards-based funding through Crowdfunder’s platform, as well as providing the opportunity for women to benefit from wrap around support often needed to successfully start up in business e.g. coaching, networks, events and other start-up initiatives.
1. Must identify as a female
2. Must live in the UK.
3. Must be UK based
4. Must be either majority (50-100%) owned or controlled by women and/or woman-led (a woman must be responsible for the day-to-day decision making)
5. Must be a new trading activity i.e. not growing an existing business venture. However, it can be a hobby that has been operating for a period of time but has not yet crossed the annual £1,000 turnover per annum tax threshold at the point of application
6. If the project is already set up as a registered business or organisation (e.g. limited liability company, charity or social enterprise) then it must not have crossed the annual £1,000 turnover per annum tax threshold at the point of application.
7. In addition to meeting the Back Her Business eligibility criteria, to be eligible for funding, applicants need to satisfy Crowdfunder’s due diligence checks for which they need to:
A. Provide their registered address
B. Upload a form of photo ID
C. Provide details of the bank account where the money will be transferred
D. Undertake a video call with a member of Crowdfunder staff
E. Agree to the Terms & Conditions of funding.
Up to £1,000,000 in grant funding will be available through the Back Her Business programme per annum and this will be distributed in different ways:
1. At least £500,000 will be distributed as match/top-up funding
2. Up to £500,000 per annum will be distributed to target areas/sectors of particular interest