Westpac has announced a significant investment of $63 million to empower female entrepreneurs, aiding over 350 women in starting or expanding their businesses since the unveiling of a $500 million commitment aimed at bolstering female-led small businesses a year ago.

In a proactive move to reinforce this commitment, the bank is rolling out several new initiatives:

• Enhanced Training Program: Westpac will introduce a specialized training program designed to provide bankers with deeper insights into the challenges encountered by women-led businesses in Australia.
• Partnership with UNSW Founders’ 10X Accelerator Program: This collaboration will offer funding for three scholarships worth $20,000 each, aimed at supporting women in effectively balancing work and personal commitments during the program.

Shane Howell, Westpac’s Managing Director of Business Lending, emphasized the bank’s focus on addressing the funding gap prevalent in the Australian market, particularly concerning start-ups led by women. Howell stated, “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.”

“As a major bank for small and medium businesses, we have a key role to play in boosting capital for aspiring business owners,” Howell added. “This supports our customers to realize their dreams, and importantly it also contributes to economic growth and innovation.”

Furthermore, Westpac aims to equip its bankers with a deeper understanding of the challenges faced by female entrepreneurs through the new training program. Matina Karvounaris, National General Manager of Small Business at Westpac, underscored the bank’s dedication to supporting women in business, highlighting the importance of initiatives that facilitate their growth and success.

“We’re passionate about backing women in business, and these initiatives are another way we can support them to get started or grow,” said Karvounaris. “As we celebrate International Women’s Day, and this year’s theme to ‘invest in women: accelerate progress’, there’s no better time to ensure our bankers have greater insight into the barriers that exist for women in business and what we can do to help overcome them.”

Westpac’s ongoing commitment to supporting female-led businesses aligns with its broader mission of fostering inclusivity and providing equal access to opportunities and financial resources. Through these initiatives, the bank aims to empower women entrepreneurs across Australia, driving economic growth and fostering innovation in the business landscape.