For many aspiring female business owners in Australia, the dream of launching a company has been stifled by traditional banking hurdles. However, a groundbreaking lending program from Westpac is changing the landscape, having already empowered more than 1,750 women to turn their brilliant ideas into economic reality.
Breaking Down Banking Barriers
Westpac's own research confirms what many women in business have long felt: female leaders believe it is significantly harder for women to secure finance than it is for men. In a decisive move to address this gap, the bank announced a $1 billion commitment specifically designed to back female founders.
Tamara Bryden, Westpac's Managing Director of Business Lending, admitted that the bank was once part of the problem. Like many other lenders, it previously required two years of financial records—a near-impossible task for someone starting from scratch. “But we changed that through our Start Up and Scale Up loans,” Ms Bryden stated, “giving many women the opportunity to start their own business.”
The results speak for themselves. In just two years, the initiative has helped more than 1,800 women either launch or expand their ventures. These entrepreneurs are now actively contributing to the Australian economy, creating new jobs, and building the futures they envision for themselves.
From Corporate Job to Pilates Franchise
Caitlyn Mefflin's story is a testament to the program's impact. While working a demanding corporate 9-to-5 job and teaching up to six pilates classes a day in Melbourne, she and a partner conceived a plan for a community-focused pilates studio. The initial challenge was financing.
“I initially felt defeated because it’s so hard to get a business loan from a bank when you need collateral like a house or a car,” Ms Mefflin recalled. “I thought, I’m only 25, no 25-year-old can afford a house these days!”
Her breakthrough came when she discovered Westpac's Start Up loan. While capped at $50,000, it was the exact catalyst she needed. “That completely opened the door for us to make the whole thing happen and Potentia Pilates was born,” she said. Thanks to a subsequent loan, Potentia—meaning 'empowerment' in Latin—has now opened a second studio and is planning a franchise. The business currently employs 25 people.
Challenging Perceptions in the Tattoo Industry
In Brisbane, tattoo artist Suzuko Ozaki faced a different set of prejudices. After a decade working for others, she dreamed of opening a female-owned and operated studio to create a less intimidating and more approachable atmosphere than traditional male-centric parlours.
“We got knocked back from so many banks,” Suzuko said. “The other banks needed two years of financials and weren’t willing to lend to tattoo studios – they said it was high risk.”
A visit to a Westpac branch changed everything. The team there looked beyond the industry stereotype. “They listened to our story, they saw past the ‘scary tattoo studio’ perception and I explained our plans, it was great,” she shared. The loan allowed her to move from a small, self-funded space to a larger studio, enabling Innerbloom Tattoo to flourish and accommodate more artists and clients.
Reflecting on the broader impact, Caitlyn Mefflin emphasised that such financial support provides “a gateway for someone to get their foot in the door to give it a crack.” She argues that Australia must encourage new start-ups like Potentia, as they represent investment in the next wave of businesses, the next generation of jobs, and crucially, new innovation and ways of thinking.
