The Disability Finance Code for Entrepreneurship is designed to create meaningful engagement between disabled entrepreneurs and the financial services sector in the UK.
Developed in collaboration with the Department for Business and Trade, the Lilac Review Steering Board, British Business Bank and UK Finance, the Code aims to break down barriers and increase access to finance for disabled-led businesses.
The Disability Finance Code is proudly supported by leading institutions, and the founding signatories include Barclays, HSBC UK, Lloyds, and NatWest, who are committed to delivering these changes.
Signatories are committed to making progress to open up opportunities for disabled entrepreneurs.
The Code outlines the following commitments for financial institutions:
Implementing Inclusive Design Principles - continue to apply and improve inclusive design principles to all products and services, adhering to good practice guidance.
Supporting Disabled Founders - offer accessible and practical support for disabled founders, such as mentoring, networking events, finance readiness education, and business planning. Lenders should also consider setting up targeted activities for disabled entrepreneurs.
Actively Sharing Evidence - showcase disabled entrepreneurs who have successfully accessed banking products and services to build and grow their businesses.
Activity supporting Disabled Colleague Representation - actively support the representation of disabled colleagues in the organisation.
Research from the Lilac Review has shown that disabled entrepreneurs face significant challenges when accessing finance, including:
The Disability Finance Code seeks to address these issues by creating a more inclusive financial environment, making financial services "open for business" to disabled entrepreneurs.
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