Since 1765, Lloyds has been providing expert support and guidance to households, businesses and communities of Britain. Our expertise and understanding are built on this experience, providing financial confidence and peace of mind for our customers of every generation.
The launch of our Race Action Plan in July 2020 has helped us to address the specific challenges we know our Black colleagues and customers are facing. As part of this, we have made a commitment to help create equity for Black entrepreneurs. In 2021, we launched our Black. British. In Business and Proud report which is the only study to consider the complete entrepreneurial life cycle for Black business owners in Britain. Our 2022 report was used to dig deeper into some of the key barriers identified in the inaugural report in 2021, and revealed that 84% of Black business owners have been negatively discriminated against in their past entrepreneurial efforts and only 3 in 10 Black business owners will approach banks for finance.
Our Black entrepreneurs programme aims to encourage more effective collaboration between the Black business community and financial institutions and support Black owned businesses by providing access to tools, expertise and finance to facilitate growth. We work with partners and community networks, with guidance and expertise from our Black Business Advisory Committee to achieve this.
Our Mentor Black Business scheme is just one example of how we are delivering on this commitment. In this scheme we pair professionals with Black entrepreneurs to enable a transfer of skills, expertise and life experiences.
The Black in Business initiative is another key milestone that will give much needed mainstream visibility to the best of Black British businesses.
Visit the Lloyds Bank Black Business Hub for more information including access to further support and guidance.
