Great Britain's Department of Trade and Industry (DTI) has recently announced creation of a new Ethnic Minority Business Task Force to help boost business ownership among Great Britain's ethnic minorities and to help existing businesses achieve faster growth rates. As in the US, Britain's minorities face some unique hurdles when trying to start or grow a new business. Recent DTI-sponsored research that British minority business owners are more likely to be rejected for business finance and to be discouraged from applying for outside financing in the first place.
Survey findings include:
- Ethnic minority-owned businesses pay higher bank loan charges than White-owned businesses, on average;
- The gap between the amounts of business finance sought and the amounts agreed is significantly greater for Black African and Pakistani-owned businesses;
- Black African and Black Caribbean-owned businesses are much more likely than Indian, Pakistani and White-owned businesses, to be rejected for loans outright;
- Black African and Black Caribbean owned businesses are significantly more likely to feel discouraged from applying for finance than Indian, Pakistani and White-owned businesses;
Some of these differences may be the result of market forces, but researchers have found that other factors may also be at play. The Task Force's job is to assess the role of these additional factors and to offer recommendations for closing the finance gap.
Learn more about Great Britain's new Ethnic Minority Business Task Force.
Walter Derzko -"Changing the world, one idea at a time"©
Walter Derzko teaches at the Certificate Program on Entrepreneurship and Innovation at the University of Toronto, School of Continuing Studies, which starts in the Fall of 2007
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