Story 100

During the pandemic I decided that I would apply for a $50,000AUD loan for my business to lock down some IP and trademarks. I didn’t want to crimp my cash flow but felt as I was working from home this was a good time to get some delayed Admin processed. I saw my bank manager with my P/L’s. Loan approved at 12% interest. YERP money given by govt for business loans 50% underwritten by govt if the loan failed and lent at less than Libor to Banks. I was offered 12%. I was so furious. I sent my husband the following day to speak to the SAME bank manager. they didn’t even recognised the company name the p/ls and agreed he could borrow $50,000 based on my P/L’s the SAME ONES. but he got offered the money at 8% interest. He could have finalised the loan then and there. They never checked he was an actual Director_ which he isn’t! he isn;t even a signatory to the account. They did NO due diligence.

Then last year we had credit cards for the business cancelled as hte bank had decided to remove that particular product line. It was only AFTER our direct debit for APPLE care defaulted that we discovered that their decision with no notification had cost me $30,000 in warranty cover for my business. Too late to fix.

Then when I called the bank to complain they returned my call 12 months later! No kidding WITH a reference number to the actual call I had made.
They do not create products for women, they do not do due diligence for female founders they do not invest in women and they offer no VC funding support or financial products to counter the bias. they let men use joint collateral for start ups but not women. INSANE.

Spending a few thousand to sponser a womens award night is just insulting. It would be amazing if Banks actually realised women are good with money, pay back loans, and invest in community. Women founders often see community needs and service gaps which do good. there is a perfect opportunity for banks to maximise this good will and back these endeavours. Australia NEEDS a “Garema bank” The bank that starts one will be overwhelmed with clients.