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Westpac’s Female Entrepreneurs Fund, initially launched with a $500 million commitment two years ago, is being expanded to $1 billion to further address the challenges women face in accessing finance to start or grow their businesses.
The fund has recently reached its $500 million target, supporting 1,155 women across a range of industries, including retail, healthcare, hospitality, and creative services.
Tamara Bryden, Westpac’s managing director of business lending, commented on the fund’s success: “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.”
Bryden said that Westpac’s bankers understand the barriers 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,” Bryden said.
Westpac’s research into women in business highlighted the entrepreneurial spirit among female business leaders in Australia with nearly half (45 per cent) of female SME business leaders having started a business from scratch, compared to just 27 per cent of their male counterparts.
The research also revealed that 94 per cent of women view running their own business as a path to wealth and financial independence, while 90 per cent believe that the social impact of their business is as important as its economic impact.
Additionally, 38 per cent of female SME business leaders are creating jobs, 30 per cent are sponsoring local events, and 24 per cent are investing in social causes.
In addition to financial support, Westpac has simplified the lending process for all eligible start-ups and scale-up businesses.
Now, start-ups can apply for funding with just a solid business plan and budget projections. This change has significantly eased access to the necessary funds for early-stage businesses.
The major bank currently offers unsecured business loans for start-ups of between $10,000 and $50,000 with loan terms of up to five years. Eligible businesses must have operated for less than two years and applicants must provide business plans and budget projections to meet credit criteria for approval.
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