More women in business ownership could add $10b a year to economy - Westpac

Westpac estimates more women in business ownership could add $10 billion a year to the economy.

Westpac said it was introducing a partnership with business coaching and mentoring service, called re:ampd, to help women get into business.

Westpac NZ head of business & virtual lending Cat Feaunati said the programme was part of its $100m start-up lending commitment, with 60 percent of the first $58m already allocated to women.

Westpac's report Encouraging More Women-Led Businesses estimates women-led businesses accounted for just under a third of New Zealand businesses, despite a number of barriers including limited access to finance and weaker investor networks.

Feaunati said the research also indicates women-led businesses performed at least as well as those led by men, often demonstrating stronger returns per dollar invested, as well as more long-term resilience.

"Our economists believe addressing the current structural barriers could deliver up to $10b in annual GDP gains for New Zealand over time," she said.

The report cites indicates female-owned firms received less than 3 percent of total venture capital available in New Zealand in 2024.

"There's also a lot of evidence that female entrepreneurs have fewer connections to the kinds of people and organisations who can help them to raise initial funding."

Action plan

Westpac's partnership with re:amped aimed to work with 500 of the bank's women business customers over a 12-month period, at no charge.

"We've already invited a small number of our customers to apply to join re:ampd and the feedback has been really positive. Customers are excited about the opportunity to connect with and learn from other women in business," Feaunati said.