A new funding model is being launched today to support a small number of companies led by women.

Entrepreneur Theresa Gattung is behind the move.

She said initially five female-led ventures will be supported by the fund.

It's called SheEO and is based on a scheme already in operation in Canada and the US.

Gattung said the aim is to bring together 500 local women who each contribute $1100 to create a funding pool of half a million dollars.

"The half a million pot that gets created by these 500 women putting $100 in gets split between the five ventures as a no interest loan, so it's paid back over five years."

LISTEN ABOVE THERESA GATTUNG SPEAKS WITH MIKE HOSKING