CHECK OUT our new UK Black Business Guide, which includes features on innovative enterprises and their incredible owners, plus articles on access to funding.

Click below for the full guide – absolutely free!

For a hardcopy, email: [email protected]

Getting black business going in uncertain times

THE WAYS in which banks and other institutions can provide better support for ambitious black business
owners will be a key theme of the latest edition of The Voice’s Black Business Guide.

Recent research from the Federation of Small Businesses (FSB) and Aston University’s Centre for Research in Ethnic Minority Entrepreneurship (CREME) revealed that black-run businesses contribute as much as £25 billion to the UK economy.

However, the research found that these entrepreneurs are still being held back by barriers that hinder their growth. One of the most significant barriers is a lack of equal access to finance. Other research from the Black Business Network and Lloyds published in September via the In Business & Proud 2022 report highlighted a trust gap between entrepreneurs seeking to grow their businesses and institutions, such as banks and business support services.

The report found that black entrepreneurs are far more likely to rely on their friends and family for support.

The seventh edition of the Black Business Guide highlights the efforts banks are making to bridge this trust gap and how entrepreneurs are sourcing funding.

Here we highlight two business owners featured in the guide who are fi nding ways around the difficulties in financing to make a major impact in their markets.

Dragons’ Den winner has no regrets

A SUCCESSFUL pitch on the BBC show Dragons’ Den can catapult a business into major success. And rejection can feel like the end of the road for ambitious entrepreneurs.

So it took a lot of courage for West Midlands entrepreneur Kameese Davis to go ahead with her decision to appear on the popular show in April last year.

In 2013, Davis founded Nylah’s Naturals, an innovative vegan haircare products brand, after experiencing
frustration at not being able to find suitable hair products for her daughter who suffers with eczema and sensitive skin.

Davis’ Dragon’s Den appearance was hailed as one of the success stories of the show after she walked away with a £50,000 investment from dragon Sara Davies in return for 40 per cent of her business.

But what the Sandwell entrepreneur did next took as much courage as appearing on the show.

Although the dragon’s team were happy with the Nylah’s Naturals figures at the due diligence stage of the deal, they could not agree on the terms of the contract and Davis decided to walk away.

It was a tough decision given the systemic barriers black-led businesses, especially those run by black women, face when trying to attract funding and convince investors to back their growth.

However, Nylah’s Naturals has continued to prosper and the company has just launched in Boots. The deal came about after a number of efforts to expand the business following her Dragons’ Den appearance.

She said: “Upon contacting Boots, they expressed a keen interest in our brand. It was a lengthy process with numerous discussions. When working with major brands, a lot of due diligence must be undertaken to ensure that your company is reputable and there is mutual alignment.”

Davis says there are no regrets about her experience on Dragon’s Den or walking away from her deal.

“Dragons Den definitely boosted the company’s exposure in a positive way which helped to propel us forwards,” she says.

“Nylah’s Naturals has not yet had significant investment in the brand, which means our product expansion has to be slow and methodical. That said, we are intending to expand into a range of styling products in the near future.”

Producing trainers that change the world

SAM CAREW and his wife were expecting their fourth child when he learned that a baby born into the developed world leaves a 58.6 metric tonne carbon footprint every year.

These facts inspired Carew to leave his 22-year IT career to launch the first vegan, carbon-negative footwear firm in an effort to help slow down climate change and protect his children’s future.

After working as an IT specialist in the engineering, consulting, publishing and education sectors, he felt ready for a fresh challenge.

Carew says: “Starting something of my own had been bubbling in my head for a good ten years, but I didn’t know what it was going to look like. No one gives you the opportunity to do something completely different, you have to make that for yourself.

“Financially, leaving IT was a risk because I’ve got four children to look after. But when you’re passionate about something that’s bigger than yourself, it’s an easier decision to make.”

He launched his company Elliot Footwear back in 2018 and quickly received support. A crowdfunding campaign on Indiegogo saw the company raise £30,000 in two months.

“We classify the trainers as vegan because historically, the majority of footwear is made from animal skins,” explains Carew. “Our vegan leather shoes are made from a polymer and the canvas ones are made from organic cotton.”

He says that Elliot Footwear trainers remove one tonne of carbon from the atmosphere every time a pair is bought and have already offset 620 tonnes of CO² since September 2018.

He added: “I have a large family. How do I wake up every day and not care about what their future looks like? I’ve created an opportunity to make it look at least a little better.”

To get your FREE copy of the Black Business Guide email: [email protected]