Westpact Issues $63 Million to Aid Australian Women Entrepreneurs

In order to support Australian women entrepreneurs, Westpac has issued $63 million for helping more than 300 women who are in the starting phase or looking forward to expand their businesses. The bank has announced the allotment of $500 million about a year ago to help and offer assistance to more female-led small businesses.

Westpac has announced new plans in order to support women in business such as new training program specifically for bankers which has been designed to address challenges women-led businesses come across followed by a collaboration with the University of New South Wales (UNSW) to offer three $20,000 scholarships through the Founders’ 10X Accelerator Program.

The new training program’s participating team shall be led by Westpac’s National general manager of small business, Matina Karvounaris.

Matina says in her statement, “We’re passionate about backing women in business and these initiatives are another way we can support them to get started or grow. 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.”

Managing director of business lending at Westpac, Shane Howell said, “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). 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.”

He added, “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……. 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.”

This program by Westpac shall benefit several Australian women entrepreneurs to grow their business and it will aid them in funding in addition to support and guidance as well.