Bank provides two new measures to support women in business
Westpac has allocated $63 million towards supporting female entrepreneurs in Australia, aiding over 350 women in starting or expanding their businesses.
This move comes a year after the bank announced its intention to allot $500 million to assist more female-led small businesses.
In a bid to further this initiative, Westpac has introduced new measures aimed at enhancing support for women in business, namely a new training program for bankers, designed to address some of the unique challenges faced by women-led businesses, and a partnership with the University of New South Wales (UNSW) to offer three $20,000 scholarships through the Founders’ 10X Accelerator Program.
Applications for the Westpac UNSW Founders scholarship will open in April.
There’s a gap in the Australian market for start-up funding, particularly for women. It’s one of the reasons we made a $500m commitment a year ago to back more female-led small businesses. 🧵1/3 pic.twitter.com/itpckQC9zu
— Westpac Bank (@Westpac) March 8, 2024
Shane Howell, Westpac’s managing director of business lending, highlighted the existing funding gap for start-ups in Australia, particularly for female entrepreneurs.
“Our research shows 51% of women plan to apply for finance to support short to medium business growth, yet more women find it harder to access finance compared with men (29% women to 21% men),” Howell said. “That’s the problem we set out to address with the $500 million commitment we made last year, and it’s fantastic to see it delivering on that purpose.
“As a major bank for small and medium businesses, we have a key role to play in boosting capital for aspiring business owners. This supports our customers to realise their dreams, and importantly it also contributes to economic growth and innovation.
“Our ongoing focus on backing female-led businesses supports the bank’s wider commitment to inclusion and playing our part to create equal access to opportunities and finance.”
Matina Karvounaris, national general manager of small business at Westpac, will lead the team participating in the new training program. She voiced her enthusiasm for supporting female entrepreneurs, especially in light of the celebration of International Women’s Day.
“We’re passionate about backing women in business and these initiatives are another way we can support them to get started or grow,” Karvounaris said. “There’s no better time to ensure our bankers have greater insight on the barriers that exist for women in business and what we can do to help overcome them.”
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