New research released by LifeSkills created with Barclays has revealed that over half of aspiring female entrepreneurs in the UK say that the COVID-19 pandemic has made them want to start their own business (51 per cent). In this Female Founders Forum blog, we cover Barclays’ Investing in Women Code commitments, the first of which is aimed at supporting the next generation of female entrepreneurs. We also share highlights from our FFF members and provide updated guidance on the government’s COVID-19 support schemes.
Female Founder Highlights
Streetbees, founded by our Member Tugce Bulut has released its latest whitepaper, providing a deep dive into the impact of the COVID-19 pandemic on the quick-service restaurant industry. Read the special report here.
Government Support
Kickstart Scheme
The government has introduced a new Kickstart Scheme to create hundreds of high-quality 6 month work placements aimed at 16 to 24 year olds who are on Universal Credit and are deemed to be at risk of long term unemployment.
It is a very generous scheme which will: pay 25 hours of young people’s wages at National Minimum Wage; cover Employer’s National Insurance and pension contributions for 6 months and; provide £1,500 to employers for costs and training.
However, as TEN mentioned in their Newsletter last week, it’s being targeted at large businesses. You need to sign up to the scheme in batches of 30 – ie. take on 30 work placements. This might make sense for the ease of government administration, but given that it’s new, young businesses that create most new jobs, it looks like the Government may be missing an opportunity.
There is a way around it, however by joining a group of other employers, nominating a representative for the group to submit the application, or registering your interest with existing representatives, such as local authorities, chambers of commerce or trade bodies.
If you're an employer who is looking to create a job placement, you can check here if you are eligible to apply for funding under the Kickstart Scheme.
Updated Guidance: Job Retention Scheme
The government has published updated guidance to reflect changes to the Job Retention Scheme:
From 1 September the government will pay 70% and employers will pay 10% of employees’ wages for the time they are being furloughed. Employers will also continue to pay their National Insurance and pension contributions.
From 1 October the government will pay 60% and employers will pay 20% of employees’ wages for the time they are being furloughed. Employers will also continue to pay their National Insurance and pension contributions.
You will continue to pay employees wages at the contracted rate for the hours they work for you.
The scheme ends on 31 October 2020. Find out more here.
Barclays Support and Opportunities
Female Founders Forum 2020 Digital Events
We had an excellent session last week on Access to Finance where Juliet Rogan, Head of Barclays’ High Growth & Entrepreneurs (HG&E) team was joined by expert speakers, Alexandra Daly, founder of AA Advisors, Julia Elliott Brown, founder of Enter the Arena and Baroness Kramer.
In our next session on Thursday 8 October 2020 from 10am - 11:30am, we will be discussing Attracting & Retaining Talent. You can sign up for the event here.
As we mentioned in the last blog, we will be running a series of events over the coming months:
Building Personal & Operational Business Resilience webinar - 10am - 11:30am, Thursday 5 November 2020 - sign up here
Cementing Your Story webinar - 10am - 11:30am, Tuesday 4 December 2020 - sign up here
In each webinar, we will be joined by an eminent high growth Female Founders Forum member, an expert speaker and hear insights from Juliet Rogan, Head of Barclays HG&E team.
If you are interested in attending a specific webinar, please contact jess@tenentrepreneurs.org and we will add you to the invitation list.
Launch of Barclays’ first ‘Investing in Women Code’ commitment
Barclays is taking action to close the entrepreneurship gender gap, through a series of measures designed to boost the resources and financial support available to female founders. The first in a series of three-year commitments, launched last week, will see the next generation of female founders supported through the bank’s LifeSkills programme, helping them turn their plans into action. Hannah Bernard, Head of Barclays Business Banking, explains how the bank is backing women in business. You can read more about the launch of this first commitment here.
Eagle Labs Virtual Events
Barclays’ programme of virtual events covers a range of topics from cashflow management to building resilience to help entrepreneurs and start-ups navigate these uncertain times. Forthcoming events include a session on thinking differently about social media marketing and an event to demystify AI, machine learning, and machine intelligence. All events are free to attend and open to anyone. For more information visit the Eagle Lab event page.
Barclays Coronavirus Support Hub
The Barclays COVID-19 Support Hub provides the latest information, tools, and guidance to support businesses throughout the COVID-19 pandemic. This hub includes information about Barclays’ products, webinars, Facebook Live events, and more information on how to access government schemes. You can also download Barclays’ coronavirus checklist to support your business resilience planning throughout this period. There is also an updated FAQ section on this hub.
We want to inspire female entrepreneurs across the UK. Do you know any inspiring female entrepreneurs? If so, please connect them directly to me at jess@tenentrepeneurs.org.