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"Black. British. In Business & Proud” is the only study in the UK that considers the complete entrepreneurial life cycle for Black business owners in Britain. From ideation to a sustainable business model, the preceding analysis that informs this report is shaped by the voices of more than 1000 Black people in Britain; consisting of students, employees, business owners and established entrepreneurs from social enterprise, B2B and B2C industries."
2 in 5 (43%)
Only 2 in 5 (43%) business owners trust banks to have the best interests of Black entrepreneurs in mind
1 in 4 (23%)
Funding remains the top support needed, with marketing & PR close behind. Nearly 1 in 4 (23%) need financial skills & cashflow management support
1 in 4 (23%)
Nearly 1 in 4 (23%) need financial skills & cashflow management support & 1 in 5 (19%) need help in understanding funding and eligibility criteria
6 in 10 (61%)
Six in ten (61% Black solopreneurs had an annual turnover of less than £20,000.
2021
Our 2021 Black. British. In Business & Proud research was a fact-finding mission to understand the challenges and barriers that Black entrepreneurs are facing and the potential ways forward that would enable them to grow and thrive. The findings were unfortunately not surprising but a stark reminder of the pervasive way that race, discrimination and inequality continue to cause an economic divide and hinder progress for ethnic minorities. As a result, our findings in 2021 led to 10 recommendations as a charter for action.
2022
For our 2022 Black. British. In Business & Proud report, our focus was to assess the impact of barriers Black entrepreneurs said they were facing, such as discrimination, racism and concern about equal access to opportunities. We also wanted to measure the positive impact of the recommendations and actions we started to implement following last year’s findings. Part of our responsibility as community-centred support is to investigate and communicate the barriers that continue to prevent the financial growth and stability of Black businesses. We are aware that no singular action or organisation will solve these problems, but we continue to commit to collaboration and taking action to support our mission.
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