New Westpac Study reveals Women's Continued Struggle with Financial Access

A New Westpac study has been published which reveals that the financial access for females leading small businesses is difficult in compassion to males. This new study from Westpac shows a significant gender inequality across the loan market.

With businesswomen struggling for funding, the survey points out a total of 70% female small-business leaders who believes that men get funding in a much easier procedure than women. The report says the “alarming statistic” came in action when it reached the $274 million milestone in business loans which assisted 726 women in starting/scaling a business.

Tamara Bryden, the managing director of Westpac said, “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. 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.”