Supporting Black Businesses: 5 Organisations Supporting Black Businesses in the UK
Black-owned businesses in the UK were hit hard by the global pandemic however, despite the difficulties Black-owned businesses face in the UK, Black business owners demonstrate a powerful resilience that is vital for the Black economy not just in the UK, but on a global scale.
Currently, there are no black directors in top roles on FTSE 100 boards, Black-owned businesses are less likely to gain access to significant financial assistance in the form of business loans and overdrafts.
A 2012 report by Warwick Business School revealed that even when Black-owned businesses did gain access to overdrafts, the interest rate was 2.12 percentage points higher than for white-owned businesses. Also, Black-owned businesses are 14.4 percent more likely to be rejected for long-term business loans.
Black-owned businesses need long-term support, especially in the wake of the global pandemic. Business support services by national and local government have failed massively to reach Black-owned businesses this is why smaller organisations have emerged in recent years to provide support for Black-owned businesses.
a 2020 report from Runneymede, the UK think tank on race equality and race relations discovered that for every £1 of white British wealth, Black Caribbean households had about 20p and Black African households approximately 10p.
Here at Black Lives Global, our goal is to publish positive and impactful content about the Black community on a global scale.
We can only build the Black economy by working together as a community to support each other. That means, supporting organisations that promote Black Businesses, that means sharing content about Black businesses, that means purchasing from Black-owned brands and much more.
In this article, we are highlighting five organisations/initiatives that provide support for Black-owned businesses in the UK.
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