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Women leading small businesses are finding it harder to access funding compared to men, a new Westpac study has revealed.
New research from Westpac reflected significant gender inequality within the loan market, with female business leaders believing it was harder to get funding as a woman.
The survey revealed that 70 per cent of female small-business leaders stated men were able to get funding much easier than women.
Westpac said the “alarming statistic” came after it reached the milestone of $274 million in business loans that supported 726 women in starting or growing a business.
Westpac managing director Tamara Bryden said the bank would pour efforts into “getting women back in business”.
“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,” she said.
“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.”
Westpac said the $500 million commitment to back more women in business was announced last year to encourage more women to launch or grow their own businesses.
The research revealed uncertainty around financial stress was a major concern for 20 per cent of female business leaders starting their own businesses.
Kace O'Neill
Kace O'Neill is a Graduate Journalist for HR Leader. Kace studied Media Communications and Maori studies at the University of Otago, he has a passion for sports and storytelling.
