African-owned businesses Grant | UK
Lacking financial support, Black-owned businesses are suffering
The gap in financing between Black-owned and white-owned businesses is stark, and Covid-19 has worsened the situation. Big corporations can make a difference.
The effects of the pandemic are straining the UK economy as a whole, but Black-owned businesses have been particularly impacted.
This is a personal issue for me, running a private business for the last 15 years in London. I have experienced the hurdles a black person goes through either to get that contract, loan or secure a employment.
Industry distribution — Black-owned businesses are more likely to be located in the most affected areas of retail, accommodation and food — and pre-existing financial distress have been highlighted as some of the causes for this disparity; access to credit also remains critical.
I started this project, in support with successful colleagues in business to reach out to you, support and donate the little you can so that we create a fund that not only will help to create entrepreneurs but also support those that needs mentorship.
- Identify 20 candidates, into a 6-month Accelerator Program where we mentor and nurture them. Upon completion, they will be awarded a £5,000 grant each.
Each will be offered among others by our partners:
- Book keeping
- A free Website
- Accounting and finance
- People and building a team
- Planning, strategy and pivoting
- Marketing, PR and social media
- Technology and digital tools
- Market research
- Business plan
Aside from bank loans, Black-owned businesses in UK are also less likely to receive venture capital and investment from Angel investors, with Black entrepreneurs receiving less than 1 per cent of VC capital.
“[Funding] is difficult for everyone, but it’s doubly difficult when there are so few people who look like you sitting across that table in the venture capital world.”
|Anonymous||£15,000.00||August 28, 2020|