NOW PLAYING • Encouraging More Women-Led Businesses – Westpac economic report | Herald NOW Business
Westpac report says removing barriers for women-led businesses could add up to $10 billion a year to NZ’s GDP. Cat Feaunati, Westpac NZ Head of Business. Video/ Herald NOW Business
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The new Westpac report making the case for change.
New Zealand’s economy could gain up to $10 billion a year if barriers facing women-led businesses are removed, according to new research by Westpac. Discussing the report’s findings on Herald NOW Business, Westpac NZ’s head of business and virtual bankingCat Feaunati said access to finance was only part of the problem, with confidence and networks mattering just as much, and many women reluctant to put up the family home as security. Westpac has lent $58 million of its $100 million startup fund to date (60% of it to women) and is giving away 500 free mentorship memberships with re:ampd. Feaunati says the flow-on effects of closing the gap – covering hiring practices, leadership and retirement savings – could push the total benefit as high as $25 billion.
