Over 11,000 BAME entrepreneurs receive Start Up Loans

More than 11,000 black, Asian and minority ethnic (BAME) entrepreneurs have been supported with Start Up Loans since 2012.

The government-backed scheme provides unsecured personal loans ranging from £500 to £25,000 and charge a fixed interest rate of 6% per year.

It has supported more than 55,000 businesses since its launch in 2012.

Start Up Loans were introduced to tackle inequality by allowing people from all backgrounds access to start-up funding.

One in five of the loans were BAME entrepreneurs.

Business minister, Richard Harrington, said: “Through our efforts to create a fairer society, we are ensuring that entrepreneurs from all backgrounds can access the finance they need to make their businesses grow and succeed.

“The government is continuing to look at new ways to tackle racial inequality in our society and make sure that everyone has the same opportunities to progress.”

In 2017, nearly 8% of the ethnic minority population were involved in starting or running a new business, compared to 14.5% of the white population.

However, last year, 5.7 black entrepreneurs per 10,000 people received a start-up loan, compared with 2.4 white entrepreneurs per 10,000 people.

Sandra Kerr, race equality director at Business in the Community, said: “BAME employees often find they are not able to progress in traditional work environments so may choose to start their own businesses.

“Access to start-up finance is vital and we are encouraged to see government investment going into ensuring we have a diverse business community that reflects BAME talent and entrepreneurialism.”

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