The Black British Business Awards (BBBAwards) have launched the Enterprise Academy, a membership community supporting UK Black entrepreneurs.
Ethnic minority entrepreneurs and businesses contribute at least £74 billion a year into the UK economy. However, according to a report published by the British Business Bank (BBB) and Oliver Wyman, Black entrepreneurs report lower turnovers and profits than their white counterparts and ethnic minority entrepreneurs face ‘persistent disparities in business outcome’ due to a myriad of factors including different access to finance, lack of representation in senior ranks and discrimination. Despite the fact that ethnic minority businesses have provided major contributions to combatting the coronavirus crisis, research shows these individuals are two to three times more likely to die from Covid-19. As a result, minority ethnic businesses face disproportionally more pressure during the pandemic and in the economic fallout it brings with it.
The Enterprise Academy which will provide Black entrepreneurs access to expert-led workshops, practical seminars and have negotiated discounts on essential resources and tools to build, scale-up and accelerate their businesses while being part of a formidable community for advocacy and change.
Melanie Eusebe, Chair and Co-founder of the Black British Business Awards said: “The impact of Brexit and the ongoing pandemic have exacerbated pre-existing socio-economic inequalities. Whilst furloughing has helped big business, many small business owners are struggling to stay afloat. The Enterprise Academy will equip Black entrepreneurs with the necessary tools to navigate the right business support, build connections within a community and maximise their scope and commercial impact. As we emerge from the crisis, we must ensure that SMEs are provided with support and investment to play their leading role in the UK’s economic recovery”.
Small Business Minister Paul Scully said: “Black entrepreneurs will have a key role to play in our national effort to build back better from the pandemic, and in ensuring everyone is empowered to use every scrap of their drive, their initiative and their talent to forge the future we all want for ourselves and for each other. I’m excited to be involved in the launch of the Enterprise Academy which, alongside Government support including Start Up Loans and mentorship programmes, will help level the playing field and provide a real boost to Britain.”
If you are a Black businesses owner and want to join the Enterprise Academy, register HERE