Pilates entrepreneur Caitlyn Mefflin and tattoo studio owner Suzuko Ozaki don’t have to be told how hard it can be for women to get finance for exciting new business ideas.

They’ve lived though the bank knockbacks and the myriad financing rejections as they strove to bring their business dreams to life.

Westpac research shows that female business leaders believe it’s harder for women to get finance than it is for men, according to the bank’s Managing Director, Business Lending, Tamara Bryden.

She admits her bank was like many of the other lenders, requiring two years of financials, a near impossible task for many young aspiring businesswomen.

“But we changed that so that Start Ups and Scale Ups can apply for funding with a sound business plan and budget projections, giving many women the opportunity to enter business,” Ms Bryden said.

“We’ve helped more than 1,750 women start or grow their businesses since launching this fund just two years ago. These are women with brilliant ideas who are now contributing to the economy, creating jobs, and building the future they want for themselves.”

Ms Mefflin was a Pilates instructor in Melbourne teaching at least six classes a day while holding down a 9-5 corporate job when she and her business partner came up with an idea for a new community focused Pilates studio.

But she had no idea where to start.

“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, and I thought, I’m only 25, no 25 year old can afford a house these days!

Then I stumbled across the Start Up loan from Westpac which didn’t require collateral. It was capped at $50,000, but that was all we needed to get started. That completely opened the door for us to make the whole thing happen and Potentia Pilates was born.”

Thanks to a second loan, Potentia (Latin for empowerment) have now opened a second studio in Melbourne and are planning to start a franchise.

Brisbane tattoo artist Suzuko Ozaki, who now owns Innerbloom Tattoo, encountered the same problem when, after 10 years working for other people, she wanted to open a female-owned, female-operated studio to create a “less scary, lighter, more approachable” atmosphere than traditional male-centric studios.

“We got knocked back from so many banks. The other banks needed two years of financials and weren’t willing to lend to tattoo studios – they said it was high risk,” Suzuko said.

“So I went into the Westpac branch and they were really helpful. They listened to our story, they saw past the ‘scary tattoo studio’ perception and I explained our plans, it was great.

“Without this loan, we wouldn’t have been able to go further. The finance meant we’ve been able to stay open and grow.”

The loan enabled Suzuko to move from a small self-funded studio to a larger space that could accommodate more artists and serve more clients and Innerbloom Tattoo flourished.

Caitlyn, whose Potentia Pilates has 25 employees, said options like the Westpac Start Up business loan provided “a gateway for someone to get their foot in the door to give it a crack”.

“Australia needs to encourage new start ups like Potentia because that means investment in the next wave of businesses, the next generation of jobs, and with a new generation comes innovation and a new way of thinking.”