A new report from Westpac revealed that 70% of female small business leaders believe it’s harder for women to secure funding compared to men.
This finding comes as the bank marks a significant milestone in its $500 million commitment to support women in business, with $274m in loans already provided to 726 female entrepreneurs.
“Access to funding is a determining factor for many women starting a business,” said Tamara Bryden (pictured above left), Westpac managing director of business lending. “This is why we made a $500m commitment to back more women in business.”
Despite funding challenges, the number of women managing their own businesses in Australia has grown by 20% since 2014, according to Westpac’s analysis of ABS data. However, women still own only 35% of small businesses.
Westpac’s research also found that 48% of female entrepreneurs are motivated by flexible work hours, while 40% value the autonomy of being their own boss.
Women-led businesses are also driving social change, with 91% of female entrepreneurs prioritising social responsibility and 88% emphasizing sustainability, Westpac found.
Many contribute to their communities by creating jobs, sponsoring local events, and supporting social causes.
Laura Bullock (pictured above right), founder of Mode Pilates, turned her dream of a boutique Pilates studio into a thriving business with the help of a Westpac business loan.
With funding, Bullock expanded from one to six studios, upgraded equipment, and grew her team.
“Today, Mode is more than just a workout – it’s a holistic experience blending movement, mindfulness, and community,” she said.
Westpac’s continued focus on empowering women entrepreneurs aligns with its vision of boosting economic growth and innovation.
“Helping women achieve their business goals doesn’t just support their ambitions; it strengthens the economy,” Bryden said.
Westpac offers tailored loans for start-ups and scale-ups to help women turn their business dreams into reality.
Visit Westpac’s website for more details. To read more about the new Westpac research, click here.
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