African-owned businesses Grant | UK

3 Campaigns Created|London, UK, United Kingdom (UK)
50.00%
£15,000.00 raised of £30,000.00 goal
Minimum amount is £15000 Maximum amount is £20000
£

Lacking financial support, Black-owned businesses are suffering

The gap in financing between Black-owned and white-owned businesses is stark, and Covid-19 has worsened the situation. Big corporations can make a difference.

The effects of the pandemic are straining the UK economy as a whole, but Black-owned businesses have been particularly impacted.

This is a personal issue for me, running a private business for the last 15 years in London. I have experienced the hurdles a black person goes through either to get that contract, loan or secure a employment.

Industry distribution — Black-owned businesses are more likely to be located in the most affected areas of retail, accommodation and food — and pre-existing financial distress have been highlighted as some of the causes for this disparity; access to credit also remains critical.

I started this project, in support with successful colleagues in business to reach out to you, support and donate the little you can so that we create a fund that not only will help to create entrepreneurs but also support those that needs mentorship.

PROCESS

  • Identify 20 candidates, into a 6-month Accelerator Program where we mentor and nurture them. Upon completion, they will be awarded a £5,000 grant each.
    • Each will be offered among others by our partners:
      • Book keeping
      • A free Website
      • Accounting and finance
      • People and building a team
      • Planning, strategy and pivoting
      • Marketing, PR and social media
      • Technology and digital tools
      • Market research
      • Leadership
      • Business plan

 

Aside from bank loans, Black-owned businesses in UK are also less likely to receive venture capital and investment from Angel investors, with Black entrepreneurs receiving less than 1 per cent of VC capital.

“[Funding] is difficult for everyone, but it’s doubly difficult when there are so few people who look like you sitting across that table in the venture capital world.”

Name Donate Amount Date
Anonymous £15,000.00 August 28, 2020