Women-led businesses could contribute an additional $10bn a year to New Zealand’s GDP if barriers to entry were addressed, according to a new Westpac NZ economic report.
The report – Encouraging More Women-Led Businesses – estimates women currently own or co-own just under a third of New Zealand businesses. It identifies several root causes, including limited access to finance and weaker investor networks, as holding women entrepreneurs back from achieving parity with men.
To help address this, Westpac NZ has today announced a new partnership with business coaching company re:ampd to give female entrepreneurs access to tools, support and networks.
Cat Feaunati, Westpac NZ Head of Business & Virtual Lending, says the research shows women-led businesses perform at least as well as those led by men, and in fact often demonstrate stronger returns per dollar invested, as well as more long-term resilience.
“Our economists believe addressing the current structural barriers could deliver up to $10bn in annual GDP gains for New Zealand over time.”
While women in Aotearoa have been getting more involved in business over the past few decades – the number of women who own or co-own businesses has roughly doubled since the early 2000s – there’s still a substantial gender gap.
“The report cites the fact that in 2024, female-owned firms received less than 3% of total venture capital available in New Zealand,” Ms Feaunati says.
“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.”
Taking action to break down barriers
Westpac’s partnership with re:amped means up to 500 of the bank’s women business customers will receive free 12-month memberships to founder Marisa Fong’s coaching and mentoring sessions, as well as the opportunity to connect and network with other women in business throughout Aotearoa.*
“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,” Ms Feaunati says.
Ms Feaunati says more business ownership by women could unlock a range of economic and societal benefits, from greater productivity to better pathways for women in business.
“We know more work needs to be done to help break down the barriers. We’re really keen to play our part, and are committed to working with business owners, intermediaries and industry bodies to help more women achieve their dreams of starting or growing a business.
“In October last year, we announced a $100m lending commitment to support start-up businesses in their first two years of operation. Demand for that lending has been really strong and we’ve lent $58m to date. We know it can be hard for entrepreneurs to put together the necessary financials to apply for lending – through our start-up commitment, we only require people to provide us with a business plan, cash forecast and statement of financial position.”**
Building a female business community
Marisa Fong says she founded re:ampd “because I know from my own experience that women who are building businesses often feel very alone… they just don’t have the community around them that they need to succeed.
“My mission is to help women grow their businesses and I’m looking forward to connecting with many of Westpac’s female customers to deliver better outcomes for all New Zealanders. Because we know when women are successful, they don’t hold that success to themselves – they go on to impact communities, causes and conversations that they deeply care about.”
Ms Feaunati says any of Westpac’s female business customers can apply to join the re:ampd community.
“Customers can chat to their banker, apply online through our website or reach out to our business services team on 0800 288 101. We’re offering re:ampd’s services to our customers for free and hope the support will be impactful.
“We’d love to help more women to realise their dreams and start or grow their own businesses.”
Encouraging More Women-Led Businesses – key report findings
- Women currently own just under a third of New Zealand businesses, indicating substantial unrealised economic potential. This figure remains well below parity and underscores the need for targeted support.
- Research shows that women-led businesses perform at least as well as those led by men, often exceeding in capital efficiency and demonstrating stronger long-term resilience.
- Despite these strengths, structural barriers persist. Female entrepreneurs face limited access to finance, weaker investor networks, and entrenched norms that restrict participation and growth.
- Addressing these gaps could deliver up to $10 billion in GDP gains for New Zealand.
- Long-term benefits could rise as high as $25 billion, once wider productivity and spill-over effects are considered.
- The paper recommends a coordinated approach to reducing barriers and improving access to finance and networks, ensuring more women have the opportunity to start and grow successful businesses.
“I decided to take the plunge” – Dr Vicki Beck, founder and owner, Equistride Veterinary
Dr Vicki Beck moved from the United Kingdom to New Zealand in 2022. She’d worked in equine hospitals in the UK and saw an opportunity in New Zealand to support the Auckland and Northland regions with advanced diagnostics and treatments for horse lameness.
Last year she decided to start her own business and applied for lending through Westpac as part of the bank’s $100m start-up lending commitment.
“Having moved to New Zealand relatively recently and never having run a business before, it’s fair to say that I didn’t feel all that confident initially!” Vicki says.
“But I really felt that there was a gap in the market for the kind of service I provide, so decided to take the plunge. Connecting with Shenée at Westpac was a big help in building my confidence – she was so supportive, I felt like I had a friend in my corner backing me.”
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.”
Six months into the business journey of Equistride Veterinary, Vicki says it’s going well.
“I used the Westpac start-up lending to invest in portable diagnostic machines and a work vehicle. This means I can operate as a fully mobile service which customers really like. I travel throughout Northland and wider Auckland running clinic days and so far the response has been super positive.
In terms of advice for other female entrepreneurs, Vicki says she encourages people to back themselves.
“My experience has really proved to me that I can do this on my own. So my main advice would be to do your research and then have confidence in yourself and your ideas.”
Shenée says it’s always rewarding to support a small business customer to realise their dreams.
“I’ve really enjoyed working with Vicki and I’m so proud of what she’s achieved already. I’d love to see more women take the leap and start a business!”
Learn more about Vicki’s journey here.
