Westpac over halfway through funding promise for women in business

Now over $274 million into its $500 million promise, Westpac has reportedly helped 726 Aussie women grow their business.

“We know that for many women, starting a business, access to funding is a determining factor in getting their business off the ground. This is why we made a $500 million commitment to back more women in business,” said Tamara Bryden, Westpac managing director, business lending.

“Since we announced the commitment in March last year, I am proud that we’ve injected over $274 million of capital to support female entrepreneurs, helping more than 726 women start or grow their business.”

She added: “We want to back aspiring female business owners to achieve their goals, as this not only supports their ambitions but also contributes to economic growth and innovation. I can’t wait to see more customers turn their business dreams into a reality with the support of our loans.”

Data from Westpac revealed that 70 per cent of female small business leaders believe it’s harder for women to get funding than men. Meanwhile, a further 20 per cent said uncertainty about financial success is a major concern when establishing a small business.

Thankfully, the number of women getting into business is on the rise, with Westpac noting that the number managing their own business has climbed 20 per cent over the last decade, and the growth rate for women in business more than doubled that of men over the same period.

However, disparity is still prevalent with small businesses owned by women making up just 35 per cent of the total.

They key reasons for women establishing a small business was flexibility (48 per cent) and autonomy (40 per cent). Further, 55 per cent of women who own their own business are working part-time hours compared with 24 per cent of men.

The benefit to community was highlighted too, with 38 per cent of women-owned small businesses creating jobs, 30 per cent sponsoring local events, and 24 per cent investing in social causes.

Related: How women can harness ‘personal power’ in leadership

Jack Campbell is the editor of Broker Daily. After graduating from the University of Wollongong in 2022, Jack began his journalistic career working on Broker Daily’s sister brand, HR Leader. In August 2023 he was made the news editor and worked alongside some talented journalists writing articles and recording podcasts.

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