‘True equality can only be achieved through concrete and measurable results’

Black and ethnic minority-led businesses have suffered disproportionately due to the pandemic.

These businesses which contribute approximately £25bn to the UK’s Gross Value Added (GVA) each year provide vital jobs, often in underserved communities. They also play an important role in social mobility. Yet owners continue to face multiple barriers.

Last week, I participated in a round table discussion with people involved in a mentoring scheme for black-led businesses, which I helped to initiate. We had staff and mentors from Lloyds Bank, representatives of Black South West Network (BSWN) and the city’s Black entrepreneur community.

We were there to discuss two pilot projects aimed at addressing inequalities that disproportionately affect Black and other minority ethnic entrepreneurs. These had emerged from an earlier discussion between the black-led businesses in an event Lloyds hosted for Bristol black-led businesses in February 2021.

Business owners said:

1.       Banks tend not to be in the places that Black entrepreneurs operate

2.       Black business owners and entrepreneurs want help to build their networks beyond their communities

3.       Trust in banks among the Black business community is low and needs to be earned

There was clearly a lot that needed to be done to address these inequalities and difficulties. I am pleased that Lloyds Bank is working to try to change things for the better in Bristol.

Working with BSWN, Lloyds started a mentoring programme that matched ten senior business relationship managers with ten Black-led Bristol businesses for a six-month period. Secondly, they set up a drop-in service in St Paul’s. Any entrepreneur needing support with their business could make an appointment or drop by and have all their queries answered.

Last week’s event was to discuss this programme and how it could be developed. I was delighted to meet some of the participants.

The relationships between mentors and the entrepreneurs they mentored were significant. One of the entrepreneurs said it was a “gamechanger”. Another said they thought an increase in income was thanks to the advice and support of the mentor. All agreed that having someone challenge them and ask them questions was incredibly valuable.

The drop-in sessions at the Black South West Network hub were also very popular. The business banking manager situated on-site met with 23 Black business owners providing advice and guidance on a range of topics.

These are excellent results for a pilot project. However true equality can only be achieved through concrete and measurable results.

Stacey O’Keeffe runs drop-in sessions in St Paul’s and Sibusiso Tshabalala is the business support co-ordinator at Black South West Network – photo: Black South West Network/ Thangam Debbonaire’s office

While the drop-in sessions and some of the mentoring partnerships will continue in Bristol, I was pleased that Lloyds Bank has made several commitments to support Black-led businesses including a national bespoke mentoring programme. I am proud that Bristol has once again been at the forefront of conversations about racism and eradicating systemic injustices.

There is much more to do. I will continue to push banks and the financial services industry to do more for Black and ethnic minority-led businesses and will continue to champion and support the entrepreneurs in Bristol West as they develop.

One of the entrepreneurs said having a mentor was a “gamechanger”- photo: Black South West Network/ Thangam Debbonaire’s office

Thangam Debbonaire is the Labour MP for Bristol West 

Main photo: Black South West Network/ Thangam Debbonaire’s office

Read more: Pandemic is exacerbating economic structural inequality 

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