A persistent structural inequality exists in the distribution of business financing between men and women in the Netherlands. This is evident from the inaugural national Code-V Data Report, which maps the flow of financing to female entrepreneurs. Despite having a higher likelihood of approval, female entrepreneurs receive significantly less funding on average compared to their male counterparts.
Only 13.7% of funding allocated to women
Out of the €28.1 billion in approved financing for SMEs in 2024, only €3.86 billion (13.7%) was allocated to female entrepreneurs. Male entrepreneurs received €13.41 billion, nearly four times as much. The remaining €10.86 billion was granted to applicants whose gender was unspecified.
These figures are based on data from 107 financiers including banks, alternative lenders, and investors accounting for approximately 80% of business financing in the Netherlands.
Quality isn’t the issue, access is
Notably, female entrepreneurs have a higher approval rate for their applications compared to men. “The issue isn’t the quality of the applications,” says Marianne Bruijn, director of Code-V. “Nevertheless, women consistently receive lower amounts and tend to request less funding on average, indicating barriers even before the application stage.”
For instance, female entrepreneurs receive an average of €126,445 less per application from banks and €20,320 less from alternative financiers. With investors, the disparity is even more pronounced: women request €205,075 less on average and often receive less than half of the amount they apply for.
Structural barriers in the process
The root causes lie deep within the financing process, ranging from gender biases in evaluations to limited access to networks and advisory services. Female entrepreneurs are also underrepresented among high-growth companies, despite their businesses being, on average, larger, older, and exhibiting higher growth rates than those without women in leadership roles. A significant finding from the report is that women simply apply for financing less frequently, leading to their underrepresentation in the financing pipeline and exacerbating the inequality.
Code-V takes the first step toward change
The publication of this report marks a turning point. Forty-one organizations within the Code-V coalition have shared their anonymized portfolios, providing the first insights into gender data in business financing in the Netherlands. The goal is to establish an annual measurement tool to track progress, evaluate interventions, and stimulate systemic change. Code-V is calling on financiers, policymakers, and entrepreneurs to take action. Banks and investors are encouraged to adopt gender-aware practices, make the financing process more transparent, and motivate women to apply more frequently and for higher amounts.
Untapped economic potential
Closing the financing gap is not only socially desirable but also economically imperative. Estimates suggest that equal access to capital could generate an additional €139 billion in economic value annually for the Netherlands. “This isn’t about favoritism; it’s about equal opportunities,” says Bruijn. “As long as financing isn’t distributed fairly, we not only perpetuate inequality but also hinder our collective economic growth.”
