The top barriers faced by Black entrepreneurs
Over the last 12 months or so, the coronavirus pandemic has exposed levels of inequality across the UK – both in the workplace, and in society more generally.
Indeed, for all the devastating impact Covid-19 has had right across the country, research1 has shown that Black, Asian and minority ethnic groups were two to three times more likely to die from the disease.
Given that many Black, Asian and minority ethnic businesses operate within sectors heavily impacted by the virus – such as health and social care, hospitality and retail – Black entrepreneurs would have been greatly impacted by business closures during lockdowns, too.
But despite the unprecedented circumstances they found themselves in, research2 also found that nearly two-thirds of those same business owners felt they didn’t have access to support from the UK Government early on in the pandemic.
Unfortunately, these statistics are not uncommon. You see, despite the significant contribution they make to the economy, far too often many business owners in the Black community are faced with obstacles that can negatively impact their confidence and livelihoods.
But before financial service providers can offer Black entrepreneurs suitable support, it’s important they get a clear picture of the challenges they face. Only through hearing their first-hand experiences can financial institutions help Black-led businesses prosper.
With this in mind, new research from the Black Business network, that was sponsored by Lloyds Bank and carried out by Savanta, has shone a light on some of the key challenges Black entrepreneurs currently face.
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