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Equistride Vet founder Dr Vicki Beck with Westpac Business Manager Shenée Weber
What if helping more women to start and grow businesses could add billions to New Zealand’s economy?
That’s one of the key findings from a new Westpac NZ economic report, Encouraging More Women-Led Businesses, which estimates that addressing the current barriers experienced by female entrepreneurs could add up to $10bn a year to New Zealand’s GDP - with flow-on impacts meaning that figure could be as high as $25bn.
The report points out that although women make up around half New Zealand’s population, they’re under-represented in business ownership, owning or co-owning just under a third of Kiwi businesses.
Importantly, the report shows women-led businesses perform at least as well as those led by men and in fact often deliver stronger returns, while also showing better long-term resilience.
So why aren’t there more women business owners?
According to the research, structural barriers continue to stand in the way. These include limited access to finance, weaker investor networks and fewer opportunities to connect with people who can help turn a good business idea into a successful enterprise.
To help tackle those challenges, Westpac has launched a new partnership with business coaching company re:ampd.
The partnership will provide up to 500 Westpac women business customers with free 12-month memberships, giving them access to coaching, mentoring and networking opportunities with other women entrepreneurs across Aotearoa.
Cat Feaunati, Head of Business & Virtual Lending, says the initiative is about helping create more pathways for women to succeed in business.
“We know providing those opportunities for women to connect and learn from others can be really impactful,” she says.
Customers interested in joining the re:ampd programme can chat to their banker, apply online through the Westpac website or reach out to the business services team on 0800 288 101.
For re:ampd founder Marisa Fong, building those connections is at the heart of the programme.
“I founded re:ampd because I know from my own experience that women building businesses often feel very alone,” she says.
“My mission is to help women grow their businesses. When women are successful, they don’t keep that success to themselves – they go on to impact communities, causes and conversations they deeply care about.”
The bank’s support for entrepreneurs extends beyond the new partnership. Last year, Westpac announced a $100 million lending commitment for start-up businesses in their first two years of operation. Demand has been strong, with $58 million already lent to emerging businesses.
One entrepreneur who has benefited is Dr Vicki Beck, founder of Equistride Veterinary. After moving from the United Kingdom to New Zealand, Vicki identified an opportunity to provide advanced diagnostics and treatments for horses experiencing lameness across Auckland and Northland.
Through Westpac’s start-up lending programme, she was able to secure funding to launch her business.
Westpac Business Manager Shenée Weber says Vicki’s application immediately stood out.
“She had such a thorough business plan – she’d researched everything. It wasn’t just, ‘this is who I think my customers will be,’ she’d detailed things like, ‘this is how I’ll drive my business’. It was very easy to support,” Shenée says.
Vicki says while she was nervous about starting her business, she ultimately decided to take the plunge.
“Connecting with Shenée was a big help in building my confidence,” says Vicki. “She was so supportive, I felt like I had a friend in my corner backing me.”
Six months on, Equistride Veterinary is thriving, with Vicki travelling throughout Auckland and Northland providing mobile veterinary services.
Her advice for other aspiring women entrepreneurs?
“Do your research and then have confidence in yourself and your ideas.”