Saturday, 30 October 2021

A new inclusive fund

Recent research by Unltd reveals that people from a BAME background in the UK are more than twice as likely to think about starting a social enterprise than white people. However, they are less able to get access to funding and training.

“We want to see an inclusive recovery in which social impact and economic growth work hand in hand. We need continued investment in the sector to help social businesses reach their potential, and that must extend to all social entrepreneurs, no matter their background.”

Danyal Sattar, chief executive of Big Issue Invest, added: “Our United Kingdom is a place where entrepreneurs have a chance to shine, and that should be regardless of race, colour or creed.  We just need to make sure they have the finance to back their enterprises. They don’t need levelling up – finance them, and they will rise.”

UnLtd and Big Issue Invest Fund Management are calling for the creation of a £25m growth impact fund for “historically underfunded” entrepreneurs, including non-financial support to help all social entrepreneurs become ready to scale and take on investment. 

Mark Norbury, chief executive of UnLtd, said: “UK entrepreneurs from Black, Asian or minority ethnic backgrounds are less likely to access finance, less likely to make a profit, and businesses face worse outcomes despite similar success rates in starting up a business to their white counterparts. 

Read more here in The Big Issue

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