70% of female business leaders struggle to obtain funding

Westpac noted “good news on progress” with an analysis of ABS data, which revealed the number of women managing their own businesses had increased by 20 per cent since 2014.

The analysis also found the average annual growth rate for women in business was more than double that of men over this period.

However, despite the increase, the ABS data revealed that only 35 per cent of Australian small businesses were owned by women.

Bryden said female-led businesses had contributed to local communities, with 38 per cent having created jobs, 30 per cent having sponsored local events, and 24 per cent invested in social causes.

Women in business also had positive social impacts, as 91 per cent said social responsibility was important to their business, while 88 per cent said they always emphasised sustainability.

An attractive feature of owning a business for women was the ability to work part-time, with 55 per cent of female business owners opting not to work full-time hours, compared to 24 per cent of males.

The Westpac research also revealed that female small-business leaders sought autonomy, with 48 per cent having cited the flexibility of work hours as a motivating factor for starting their own business and 40 per cent driven by the desire to be their own boss.

Bryden said she was excited to see transformation in the business loan environment to bolster more women.

“We want to back aspiring female business owners to achieve their goals, as this not only supports their ambitions but also contributes to economic growth and innovation,” she said.

“I can’t wait to see more customers turn their business dreams into a reality with the support of our loans.”