Westpac has announced a new slew of start-up and scale-up loan offerings to help more women be able to start or grow their respective small businesses.
For start-up loans, Westpac will be offering unsecured loans between $10,000 and $50,000 with terms of up to three years to help new businesses get started for businesses that have operated for less than 12 months, provided that the business can provide a sound business plan and budget projections to access funding instead of two years of financials.
For scale-up loans, Westpac will offer either secured or unsecured loans between $10,000 and $1 million with terms of up to three years to help existing businesses grow to buisinesses that have operated for less than three years and can provide one year of financials to access funding instead of two.
These support measures are part of a total $500 million commitment by Westpac to back more women in business as research from the bank has revealed that accessing finance is one of many challenges faced by female business owners.
A separate study from the Organisation for Economic Co-operation and Development (OECD) revealed that women represent around 36 per cent of Australian small-business owners. which affirmed that female business owners are still underrepresented in Australia.
Westpac Group Chief Executive, Consumer & Business Banking Chris de Bruin commented, “Access to capital is not a level playing field, so we’re committing to supporting more businesses led by women. This is about backing early-stage businesses with great ideas and providing opportunity so they can succeed.”
de Bruin added, “Boosting women’s entrepreneurship in Australia is important to the economy. The longstanding gender pay gap represents a missed opportunity for innovation, social and economic value creation, and job creation. A diverse and inclusive workforce generates tangible benefits, such as increased efficiency, productivity, innovation, creativity, and improved employee engagement.”
“This announcement is key to our broader strategy of supporting more customers and backing the businesses of tomorrow,” he concluded.
