Potential $10bn a year from new women-led businesses

Women-led businesses traditionally do very well in franchising as the results of the New Zealand Franchise Awards have shown over the years. 24 of the last 30 Supreme Franchisee of the Year trophies have been awarded to individual women or partnerships including women. The current and past CEO of our Franchise Association (FANZ) are women, three out of eight of the current FANZ Board are women and several women have held the position of Chair over the years, but could we do more to encourage women to step forward into leadership roles in franchising and in business?

In Australia, the entire month of August is dedicated to celebrating, listening to and supporting Women in Franchising. Here in New Zealand, lower confidence due in part to the lack of community support for women in business is cited as one of the main barriers to entry.

Westpac's new report released 7 July 2026 – 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 closing the gender gap and achieving business-ownership parity with men.    

To help address this, Westpac NZ has announced a new partnership with business coaching company re:ampd to give female entrepreneurs access to tools, support and networks.

Cat Feaunati, Westpac NZ's Head of Business & Virtual Lending and known to the franchise sector for her role as a Franchise Business Manager some years back, 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.

Perhaps it's also time for the New Zealand franchise community to more formally recognise the role it can play in encouraging more women-led businesses.

The full report can be read here.