An entrepreneur who set up the UK’s “black Amazon” spoke of her mental health struggles as she called for more help for start-ups run by ethnic minorities.
Lloyds Bank and Channel 4 today joined forces to offer more than £500,000 of “game-changing” support to black-owned businesses.
Five winners will receive £100,000 worth of free TV advertising and six months of personalised marketing expertise.
A further five shortlisted firms are getting a £3,000 rising stars grant with tailored one-to-one session to achieve their business goals.
After the death of George Floyd in May 2000 and the Black Lives Matter movement that followed Lloyds, Channel 4 and award-winning social enterprise DOES looked at challenges faced by black businessmen and women.
Khalia Ismain, 29, co-founder of Jamii - an online marketplace for black gifts, greeting cards, skin and hair care products, found starting her company in August 2016 while holding down a full-time job “took its toll”.
She said: “It was a real struggle. Running a business on the side is really hard.
“It takes its toll physically and mentally because you really believe in something and want it to work but if you can’t put your all in, it gets to you.”
The Black Business Network, sponsored by Lloyds, found nearly half of black entrepreneurs say they need marketing and PR advice and a fifth help to find new clients.
Ms Ismain added: “When I started, there was very little in the way of support for black businesses and brands. I didn’t have the confidence to reach out to the more formal channels.
“I didn’t approach banks or know about start-up loans. Maybe my journey could have been a bit quicker if I had more support.
“It’s important to encourage young people because you may not succeed with your first brand, you might have to try three or four times, so the earlier the better.”
Clare Peters, of Channel 4, said: “Our ambition is not only to support black-owned businesses but also to level the playing field when it comes to economic inclusion and highlight the contribution these businesses can make towards the wider UK economy.”
Elyn Corfield, CEO of business and commercial finance at Lloyds Banking Group, added: “We can’t wait to see the impact this initiative has on the UK Black business community.”
Applications for the Black in Business initiative close on June 26 and the shortlist will be announced on August 9.
For more details visit: https://www.channel4.com/blackinbusiness/
