Looking ahead: Findings of ‘Black. British. In Business and Proud’ report

Written by Rebekah Tait (pictured) from Lloyds Bank

Lloyds Bank collaborated with the Black Business Network to conduct a report called “Black. British. In Business and Proud.”

The report revealed that only 40 per cent of Black-owned businesses trust banks, and less than 20 per cent engage banks for finance. This lack of trust contributes to their median turnover being half the UK average. These findings prompted action to address these disparities.

Recommendations from the report shaped the Black Entrepreneurs programme, which is now operational across the UK under the leadership of Khalia Ismain. The programme aims to provide equitable opportunities for all businesses, regardless of their background.

Over the past 2 years, Lloyds Bank has established relationships with local grassroots organisations in the Midlands. These partnerships have led to regional initiatives, including the Birmingham Black Business Show, Immerse (an educational program run in partnership with Foundervine, specifically designed for Black founders of early-stage startups that includes accelerators, pitch nights and Community Gatherings) and networking and roundtable events.

When it comes to individual business support, Lloyds Bank has provided tailored assistance to businesses such as Flora & Curl, a Birmingham-based sustainable haircare brand, Revibed Drinks, winner of the 2022 Launchpad competition and Food Division, food manufacturer. Additionally, Mac Alonge, CEO of the Equal Group consultancy service, plays a crucial role on Lloyds Banking Group’s Black Business Advisory Committee, ensuring accountability and progress in the Midlands.

Looking ahead

As regional development director for the West Midlands, I’m looking forward to seeing these inclusive initiatives evolve across each of our Black-owned business, Disabled entrepreneurs, and Women-owned business programmes.

It’s essential to support and learn from the good work that has been done so far, but there’s a long way still to go in terms of leaning into more areas to support equal opportunities.

We are also delighted to sponsor the Greater Birmingham Chamber Black Business Collective, the first of such network in Birmingham.”

What we have to remember is that the Midlands has the UK’s youngest and most diverse population. We are on track to become a ‘Super diverse city’, meaning ethnic communities represent more than half our population.

Not only is it the right thing to ensure our clients reflect the communities we serve but it also makes business sense - a notion I do not shy away from.

It is imperative that not just Lloyds Bank but all organisations in the Region understand and think about how they interact and support the Black community if the region is going to economically and socially thrive, which is why supporting this network was imperative to us.

Key upcoming events:

• Community Gathering – 5 October (Click here to sign up )
• Networking night – 10 October (Click here to sign up)