Black entrepreneurs boosting the economy

The Voice’s Black Business Guides are leading the way in promoting economic empowerment.

By Vic Motune

BLACK ENTREPRENEURS contribute as much as £25 billion to the UK economy, according to recent research from the Federation of Small Businesses and Aston University.

Support for these businesses — which spans London, the southeast, the Midlands, and the north of England — can be clearly seen through events such Black Pound Day and the Black Owned Business Expo.

As the Black Pound Report 2022 highlighted, Black and minority ethnic consumers are an increasingly important economic force with an annual disposable income of £4.5 billion. The figure for African Caribbean consumers alone is £1.1 billion.

Importantly, Black consumers are increasingly vocal about using their sizeable buying power to invest in companies where they know they are being catered for. However, despite this trend, Black entrepreneurs still face significant hurdles, especially when trying to launch their businesses.

Research published earlier this year by Channel 4 and Clear Channel revealed that Black business owners find it harder to raise the funds needed to launch or grow their businesses or get investors to believe in their plans.

This is an enduring problem, one that needs real, tangible change. Governments must also acknowledge the role they play in openly supporting minorityled organisations and develop a clear policy for inclusive entrepreneurship.

Properity

The entrepreneurial ambition of ethnic minorities can play a crucial role in the government’s ‘Levelling Up’ agenda, helping to create prosperity and a more cohesive society.

The successful launch of the inaugural Black Business Guide in 2018 saw The Voice take a lead role in campaigning for change on these issues as well as providing a platform for the Black community’s economic empowerment.

And it continues to champion Black-owned businesses through the latest edition which comes out in May.

Despite the obstacles they face, these businesses are creat-

PROBLEM: Black business owners find it harder to raise the funds needed to grow their business (photo: ndrea iac uadio e els) ing employment for thousands of people and are using technology in innovative ways in industries ranging from haircare, property and cuisine to fashion and retail.

The forthcoming guide will tell their stories of overcoming barriers through features, inter- views, and analysis pieces.Readers will also find a wealth of information on products ranging from black dolls, books and toys for children, natural hair and skincare products to authentic African-inspired clothing and Caribbean food and drink.

But their success is not just about levelling the playing field in the business world.

Black entrepreneurs tend to play a key role in supporting and revitalising the communities where they are based, helping to create job and training opportunities for people from underrepresented backgrounds.

That has significant benefits for the UK as a whole. So please continue to support them.

If you would like to advertise in the next edition, please contact us at: advertising@thevoicemediagroup.co.uk