To address the difficulties women encounter in obtaining financing to launch or expand a business, Westpac is planning to increase its $500 million female entrepreneurs fund by an additional $500 million, bringing it to $1 billion.
Launched two years ago, the commitment has now met its $500 million goal, helping 1,155 women in a variety of industries, such as creative services, retail, healthcare, and hospitality.
Tamara Bryden, Westpac Managing Director, Business Lending, stated “I’m proud that we’ve helped more than a thousand women start or grow a business since launching the fund just two years ago.
“We know that female business leaders believe it’s harder for women to get finance than it is for men. Having a fund dedicated to addressing this issue means it is always a priority for us.
“I think our bankers also understand the barriers that women face when starting a business, such as unconscious bias, which may discourage them from seeking finance. You can’t argue with the results we’re seeing and that helps change perceptions.
“We’re seeing some incredible new business ideas come to life led by super savvy, entrepreneurial women, who are challenging the status quo and bringing great ideas to the table.”
Westpac’s Women in Business research highlights the entrepreneurial spirit of female business leaders in Australia, with nearly half (45%) of female SME leaders starting their businesses from scratch, compared to 27% of their male counterparts. The survey reveals that 94% of women see running their own business as a path to wealth and financial independence, while 9 in 10 believe the social impact of their business is as important as its economic impact. Moreover, these women are actively contributing to their communities: 38% are creating jobs, 30% are sponsoring local events, and 24% are investing in social causes, demonstrating their commitment to both financial success and social responsibility.
In addition to offering financial assistance to female entrepreneurs, Westpac’s initiatives have made the loan application procedure easier for all qualified start-ups and scale-up companies. With a solid business plan and projected budget, startups can now request for funding . Accessing the required funding has become more simple for qualified early-stage companies as a result of this modification.
