67%
2 in 3 (67%) Black business owners have been negatively discriminated against in their past entrepreneurial efforts; a rise from half (51%) in 2021
40%
Only 40% of Black business owners trust banks to have the best interests of Black entrepreneurs in mind; even lower than the 2021 figure of 43%
51%
51% of Black business owners have seen some positive action from banks but only 12% saw significant action
6 in 10
6 in 10 Black business owners are aware of at least one of the recent Lloyds Bank & Black Business Network initiatives.
3 in 10
Black business owners approach banks and 2 in 10 choose to take up a bank loan.
45%
of Black solopreneurs use personal collateral to fund their business, compared to 25% for Black business owners with employees.
48%
of Black business owners borrowed less than £5,000, with the average value only £2,000 so funding is relatively modest.
54%
Just over half of businesses who applied to a bank received the full amount they applied for, however, 16% felt the assessment was not fair.
18%
18% are not aware of the factors that influence their business credit score and 27% do not know what steps to take to improve it
40%
of students feel that financial literacy and accounting is a core skill which young people should be taught
CONFIDENCE & FINANCIAL KNOWLEDGE
ACCESSING FINANCE AND BUILDING KNOWLEDGE
34%
Worried about taking on debt
28%
Not knowing which funding option to choose
27%
Fear of rejection
THE BIGGEST CONCERNS FOR ACCESSING FINANCE
MISTRUST OF FORMAL INSTITUTIONS, BARRIERS & LOW VISIBILITY
31%
Their friends
29%
Black Business Community Groups
29%
Social Media Groups
41%
turn to influencers or YouTubers for business news and information
61%
of solopreneurs find news on social media, compared to 33% of owners at all other business sizes
31%
Their friends
29%
Black Business Community Groups
29%
Social Media Groups
41%
turn to influencers or YouTubers for business news and information
61%
of solopreneurs find news on social media, compared to 33% of owners at all other business sizes
THE IMPORTANCE OF FAMILY, COMMUNITY AND NETWORKS
THE TOP ADVICE OR SUPPORT RESOURCES FOR BLACK BUSINESS OWNERS
