Westpac expands female entrepreneurs fund to A$1b

The first A$500m has reportedly helped over 1,155 start or grow their businesses.

Westpac has added another A$500m into its female entrepreneurs fund, expanding it to A$1b.

Launched two years ago, the fund has just reached its earlier A$500m target, supporting 1,155 women across a range of industries such as retail, healthcare, hospitality, and creative services, the Australian bank said in a media release.

Westpac managing director for business lending Tamara Bryden expressed pride that the bank has helped over a thousand women start or grow their businesses.

“We know that female business leaders believe it’s harder for women to get finance than it is for men. Having a fund dedicated to addressing this issue means it is always a priority for us,” Bryden said.

This is based on an online survey commissioned by Westpac and conducted by Lonergan Research in October 2024. Nearly half (45%) of female SME business leaders have started a business from scratch, compared to 27% of their male counterparts.

Apart from this fund, Westpac also offers unsecured business loans between A$10,000 and A$50,000 for up to a five year period to help new businesses get started.