Black History Month helped to shine a spotlight on some of the amazing black-owned businesses in the South West, and it’s been great to see BusinessLive continuing to celebrate these fantastic companies and entrepreneurs throughout the year.
Companies run by entrepreneurs of African and Caribbean origin contribute £25b to the UK economy every year, but we also know many are still operating with severe limitations. Lloyds Bank’s 'Black. British. In Business and Proud' report, delivered in collaboration with the Black Business Network, indicated a reluctance among black business owners to access finance to support their growth, with concerns around taking on debt and not knowing which funding to choose the key reasons.
With so much uncertainty at the moment, having access to the right support is key. The report revealed that just 12% of black entrepreneurs turn to banks when seeking advice and support, something the financial service industry must urgently address. We’ve got to do more to create an ecosystem of support that drives economic growth. To achieve this, the banking sector needs to work with the black business community and government to break down barriers and enable access to support and advice.
