Designed by Channel 4 in partnership with Lloyds Bank, the Black In Business initiative launched in May 2023 to help Black-owned businesses prosper.

With £500,000 worth of TV advertising on offer across five beneficiaries, the creation of their own commercials and a six-month tailored marketing and mentorship package powered by DOES, competition was fierce.

The support though doesn’t end there. An additional five shortlisted businesses were chosen from over 1,000 applications and will receive the Rising Stars Grant and support provided by Jamii, worth £3,000.

These shortlisted businesses will also get a tailored one-to-one consultation session to help boost their growth.

Finally, all applicants have been offered access to a series of Black In Business live masterclasses, the Lloyds Bank Black Entrepreneurs programme and the DOES Black Business Community.

The masterclasses cover a range of essential topics including finance, supply chain resilience and exporting, sustainable growth principles and how to create a community-driven brand.

Striving for a level playing field

The 2022 Black. British. In Business and Proud report from the Black Business Network and
Lloyds Bank helped bring many of the challenges facing Black entrepreneurs to the fore, including:

• 84% of Black business owners have been negatively discriminated against in their past entrepreneurial efforts
• Only 3 in 10 Black business owners will approach banks for finance
• 49% of Black entrepreneurs say they need PR and marketing support

Elyn Corfield, CEO, Business and Commercial Banking, Lloyds Bank, said: “We passionately believe that all businesses should have the same opportunities to succeed as each other, but we recognise through what Black business communities are telling us that there’s still much work to do to create an equitable landscape.”

Channel 4’s Black In Business initiative is just one of several ongoing programmes and partnerships Lloyds Bank is spearheading to provide new opportunities for Black entrepreneurs. But why are these so important?

Bringing ambition to life

A further study from Channel 4 and Clear Channel reveals how Black and Multi-ethnic entrepreneurs have a strong and robust entrepreneurial spirit despite the challenges they face, such as those outlined above.

For example, out of the 500-plus business owners surveyed, almost half (46%) felt they could always run a successful business vs just 29% of White entrepreneurs.

There was also a significant difference in the number of people who always wanted to be their own boss – 71% vs. 54% of White respondents. And it’s a desire that’s prevalent in the younger population with almost two-thirds (62%) of Black and Multi-ethnic entrepreneurs starting their businesses under the age of 30. In addition, the level of those who were teenage founders was 1 in 8, more than twice that of White business owners.

Lydia Amoah is CEO at BACKLIGHT, a cultural change agency that partnered on the report, and is keen to see more Black entrepreneurs given the opportunity to prosper. “We are immensely ambitious, resourceful, resilient, innovative, and creative, already helping our economy thrive. Our research demonstrates that we can contribute billions to the UK economy and beyond when given equal opportunities and openings,” she said.

While the final decision has been made in regard to the beneficiaries, it’s only the beginning
of a longer process for them and all the other applicants. With more Black business role models to aspire to, it’s hoped this initiative will have a lasting impact on individuals and communities all across the country.

Introducing the inspirational beneficiaries

Over 1,000 applicants were whittled down to a shortlist of 10 businesses by a rigorous review process. The final stage involved a judging panel including representatives from Channel 4 and Lloyds Bank, and prominent Black entrepreneurs Claudine Reid MBE and Dino Myers-Lamptey, choosing the five main beneficiaries.

Channel 4’s AV Manager Maria St Louis commented: “We were looking for businesses who are aligned with Channel 4’s vision of creating change, disrupting an industry, being community focused and having a purpose bigger than the product, and our beneficiaries definitely live up to these principles. The initiative has been a truly inspiring, meaningful and impactful journey!

“As the brains behind this Channel 4 initiative and the Chair of Judges for the final stage, I’ve been blown away by the level of Black British Business talent that exists within the UK, am super proud of the five beneficiaries and look forward to supporting many more Black-owned businesses embark upon their TV advertising journey.”

THESE QUALITIES, AND MORE WERE EVIDENT IN THE FIVE BUSINESSES:
• Dalgety Teas
• The Gym Kitchen
• LØCI 
• TreasureTress
• The Turmeric Co.

Black In Business is also supported by Jamii, an online marketplace for Black-owned businesses. Browse the Jamii marketplace, for more brilliant Black businesses: www.lovejamii.com

For more information about the Channel 4 initiative visit: www.channel4.com/blackinbusiness

For more information on how Lloyds Bank are supporting Black-owned businesses, visit:
www.lloydsbank.com/blackbusinesses

Lloyds Bank is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority under Registration Number 119278.