New research ties funding gaps for women entrepreneurs to billions in lost GDP
New Westpac NZ research puts a concrete number on a long-standing problem: women currently own or co-own just under a third of New Zealand businesses, and closing that gap could add billions to the country's GDP each year, rising to as much as $25 billion once broader productivity and spillover effects are factored in.
The gap isn't a performance issue — the research finds women-led firms match or exceed male-led firms on capital efficiency and long-term resilience — but a financing one.
In 2024, female-owned firms secured around 10% of venture capital deal volume in New Zealand, yet received less than 3% of total dollar value invested.
Cat Feaunati (pictured), Westpac NZ head of business & virtual lending, says the bank's economists see genuine scale in the opportunity.
"Our economists believe addressing the current structural barriers could deliver up to $10bn in annual GDP gains for New Zealand over time," Feaunati said.
She points to network access as much as capital itself: "There's also a lot of evidence that female entrepreneurs have fewer connections to the kinds of people and organisations who can help them to raise initial funding" — a gap borrowers and their advisers should factor into how early-stage funding conversations are framed.
Lending demand already strong
The financing barrier is showing up in real demand. Westpac's $100 million start-up lending commitment, launched last October with simplified application requirements — just a business plan, cash forecast, and financial position statement — has already lent $58 million, with the bank now actively encouraging more women to apply.
Networks matter as much as capital
Westpac has paired that lending push with a new partnership with coaching service re:ampd, offering up to 500 female business customers free 12-month memberships.
Founder Marisa Fong says the initiative addresses an overlooked gap: "women who are building businesses often feel very alone… they just don't have the community around them that they need to succeed."
For advisers working with women-led businesses, the message is that access to finance alone won't close the gap — mentorship and investor networks matter just as much to conversion and growth.
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