ENTREPRENEURS FROM black and minority ethnic backgrounds contribute an estimated £25 billion to the economy, according to a recent study by the Federation of Small Businesses.

The last decade has seen black entrepreneurs expanding into industries such as technology, financial services, property and engineering, fields in which previously, there were few people of African Caribbean heritage.

The Voice has been highlighting the important role that black-owned businesses have played since December 2018 when the first UK Black Business Guide was published.

Since the publication of that first guide, The Voice’s campaign to support black-owned businesses has struck a chord.

Platform

Hundreds of entrepreneurs have been featured in the guide which has provided them with a platform to showcase their products and services to a wider audience and enable potential customers to support their continued growth.

The latest edition of the UK Black Business Guide, published this week, includes stories of how black-owned firms have adapted to the changed business landscape which the Covid 19 pandemic created.

These businesses have demonstrated innovation and resilience in successfully navigating the pandemic’s challenges.

Minority-owned businesses, often lacking the same access to finance and business support than their white counterparts, were hit hard.

Prosper

However despite the restrictions of lockdown they have continued to prosper, with many transferring their business online and developing new products and services.

The 6^th edition of the guide also features inspiring accounts of entrepreneurs who have found ways to get round the lack of financial support from banks while also facing personal adversity to grow their companies and achieve success.

Among them are jewellery business owner Norma Jean Murrain Banton who, despite lacking financial support, created the UK’s first culturally diverse academy for young jewellers from black and minority ethnic backgrounds.  

There’s the story of NHS IT specialist Patricia Monney who was inspired to launch a skincare business after a staple ingredient used in many Ghanaian households helped her two-year-old daughter to walk for the first time during a holiday trip to the West African country.

The guide also highlights people such as Emmanuel Asuquo. His path to becoming a successful independent financial advisor began after dreaming of working in one of the skyscrapers in Canary Wharf which he could see from his bedroom window on a council estate in Tower Hamlets.

And there’s the amazing story of 9-year-old entrepreneur  Shane Peltier who began life as a business owner at the age of 7.

A large body of research has shown that when trying to grow a business, black and minority ethnic entrepreneurs face significant challenges, not least of which is access to finance.

Competitive

This edition of the guide highlights recent research from Aston University which shows that significant improvements are needed in the support that black and minority-owned firms receive from the UK’s  business and finance sectors.

This is something The Voice has always campaigned on – strengthening black businesses strengthens the economy, which in turn helps the UK to remain globally competitive, create prosperity and a more cohesive society.

Please continue to support black-owned businesses. You can read the latest edition of the UK Black Business Guide here