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The power of TV enables Black-owned businesses to flourish
Read time: 4 mins Added date: 23/11/2023
Learn more about how Channel 4 and Lloyds Bank are partnering to deliver game-changing advertising opportunities for five Black In Business initiative beneficiaries.
How it started
Channel 4 and Lloyds Bank launched the Black In Business initiative in May 2023 to help Black-owned businesses prosper. With £500,000 worth of TV advertising on offer across five beneficiaries, the creation of their own commercials and a six-month tailored marketing and mentorship package powered by DOES, competition was fierce.
The support though doesn’t end there. An additional five shortlisted businesses were chosen from over 1,000 applications and will receive the Rising Stars Grant and support provided by Jamii, worth £3,000. Jamii is an online marketplace for Black British creators. These shortlisted businesses will also get a tailored one-to-one consultation session to help boost their growth.
Finally, all applicants have been offered access to a series of Black In Business live masterclasses, the Lloyds Bank Black Entrepreneurs programme and the DOES Black Business Community. The masterclasses cover a range of essential topics including finance, supply chain resilience and exporting, sustainable growth principles and how to create a community-driven brand.
Striving for a level playing field
The 2022 Black. British. In Business and Proud report (PDF, 5MB) from the Black Business Network and Lloyds Bank helped bring many of the challenges facing Black entrepreneurs to the fore, including:
- 84% of Black business owners have been negatively discriminated against in their past entrepreneurial efforts
- Only 3 in 10 Black business owners will approach banks for finance
- 49% of Black entrepreneurs say they need PR and marketing support
Elyn Corfield, CEO, Business and Commercial Banking, Lloyds Bank, said: “We passionately believe that all businesses should have the same opportunities to succeed as each other, but we recognise through what Black business communities are telling us that there’s still much work to do to create an equitable landscape.”
Channel 4’s Black In Business initiative is just one of several ongoing programmes and partnerships Lloyds Bank is spearheading to provide new opportunities for Black entrepreneurs. But why are these so important?
Hear from the judges and business owners to find out more about the initiative and why it’s so important.
Bringing ambition to life
A further study from Channel 4 and Clear Channel reveals how Black and Multi-ethnic entrepreneurs have a strong and robust entrepreneurial spirit despite the challenges they face, such as those outlined above.
For example, out of the 500-plus business owners surveyed, almost half of Black and Multi-ethnic entrepreneurs (46%) felt they could always run a successful business vs just 29% of their White counterparts.
There was also a significant difference in the numbers of people who always wanted to be their own boss — 71% vs. 54% of White respondents. And it’s a desire that’s prevalent in the younger population with almost two-thirds (62%) of Black and Multi-ethnic entrepreneurs starting their businesses under the age of 30. In addition, the level of those who were teenage founders was 1 in 8, more than twice that of White business owners.
Lydia Amoah is CEO at BACKLIGHT, a cultural change agency that partnered on the report, and is keen to see more Black entrepreneurs given the opportunity to prosper. “We are immensely ambitious, resourceful, resilient, innovative, and creative, already helping our economy thrive. Our research demonstrates that we can contribute billions to the UK economy and beyond when given equal opportunities and openings,” she said.
While the final decision has been made in regard to the beneficiaries, it’s only the beginning of a longer process for them and all the other applicants. With more Black business role models to aspire to, it’s hoped this initiative will have a lasting impact on individuals and communities all across the country.
“We passionately believe that all businesses should have the same opportunities to succeed as each other, but we recognise through what Black business communities are telling us that there’s still much work to do to create an equitable landscape.”
Elyn Corfield — CEO, Business and Commercial Banking, Lloyds Bank
Introducing the inspirational beneficiaries
Over 1,000 applicants were whittled down to a shortlist of 10 businesses by a rigorous review process. The final stage involved a judging panel including representatives from Channel 4 and Lloyds Bank, and prominent Black entrepreneurs Claudine Reid MBE and Dino Myers-Lamptey, choosing the five main beneficiaries.
Channel 4's Equity & Inclusion Lead Maria St Louis commented: “We were looking for businesses who are aligned with Channel 4’s vision of creating change, disrupting an industry, being community focused and having a purpose bigger than the product, and our winners definitely live up to these principles. Being a judge on this initiative has been inspiring, meaningful and impactful.”
These qualities, and more were evident in the five businesses:
Learn more about the successful applicants.
That's just a flavour of what you can expect over the coming weeks. We look forward to sharing more detailed interviews with the five individual businesses, and learning about their exciting plans for the future. The TV adverts will air on Channel 4 in early 2024.
Delivering game-changing advertising opportunities
Read more about the initiative and the other beneficiaries and what they hope to gain from the Black In Business initiative.
Important legal information
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