We are proud to announce Camden Council have commissioned Action for Race Equality to understand the business needs of female Black and minority ethnic business owners needing support to grow their businesses in the London Borough of Camden.
This is in response to findings that highlight:
- Access to finance for Black, Asian and Other Ethnic Minority entrepreneurs appears to be a major barrier to growth (British Business Bank, 2020)
- Statistics show that Black businesses attract just 0.24% of total venture capital investment (Channel 4, 2023)
- More than half of Black solopreneurs had an annual turnover of less than £20,000, significantly lower than the UK average turnover for solopreneurs
- 67% of Black business owners have been negatively discriminated against in their past entrepreneurial efforts; a rise from in 2021, where some owners have said it has had a detrimental effect on their mental health and confidence (Report by Lloyd’s Bank/Black Business Network, 2022)
It also follows on from similar learning from ARE projects in Islington: the Enterprise Support Programme, and the Inclusive Entrepreneurs Programme, which saw 26 businesses benefitting from our culturally competent business support and small grants.
”As a young Black woman, the idea of starting a business is very intimidating and makes you question whether you should bother embarking on it. Having this type of opportunity for Black women is so crucial and, also having Black business consultants is important as they are relatable to me and the difficulties I face and are successful role models to drive me.”
Entrepreneur, funded by the Inclusive Entrepreneurs Programme, 2022
Action for Race Equality invites early stage entrepreneurs (with businesses under 10 years old) who are:
- Delivering social value in Camden*
- From backgrounds that are often locked out from traditional finance sources including those often from Black, Asian and Minority Ethnic backgrounds, those who are Disabled, care leavers and female business founders.
to complete a short survey which will help shape potential business support programmes offered by Camden Council in their upcoming Future Camden Fund. This fund hopes to distribute approximately £300,000 and culturally competent business support to entrepreneurs.
The survey will take approximately 10 minutes to complete.
We’ve extended the deadline to Sunday 11th June, 11.59pm.
*Camden Council clarify this must be an organisation which operates core activities that consciously, systemically and sustainably serve or attempt to solve a local or global community need.
**Match trading is a form of grant-funding for social organisations where any increase in trading income up to a set limit is matched pound-for-pound. It aims to incentivise social organisations to develop their trading base to become more sustainable.
For more information about the survey contact: Tara Shah, Project Support Officer