Ethnic Businesses

Ethnic minority businesses are very important to the UK economy and the Ethnic Minority Business Forum was created by the Department of Trade and Industry to help ensure that ethnic minority businesses get the right support and advice to help them be successful. However, ethnic businesses sometimes face different challenges and issues from other businesses.

Professional Advice
Historically, ethnic minority entrepreneurs have looked for support and advice from within their own communities - usually successfully, especially where the business is serving the needs of the community.

Serving the needs of your community can be an excellent basis for starting a business but relying on your own community alone can significantly limit your opportunities. It can be hard to grow your business and exploit mainstream markets without objective and professional advice.

It is important that you take advantage of the mainstream business resources, information and advice available. By seeking professional advice you will be able to get help with:

• preparing a detailed business plan
• approaching banks
• exploring other finance options

Raising Finance

• There are no national grants or grant programmes that solely support ethnic minority businesses
• The Prince's Trust can offer low interest loans of up to �5,000 and in some cases may offer up to �1,500 grant funding. Open to young people between 18-30 years of age. For further information contact The Prince's Trust, tel: 023 8065 3637, email: [email protected], or visit the website: www.princes-trust.org.uk. Visit topic area: Young Entrepreneurs
• If you are eligible for New Deal, In Biz can offer you the opportunity to trade as self employed for up to 26 weeks without losing current benefit entitlement, plus an extra allowance. The programme also offers a personal adviser, business planing workshops, new business skills, assistance with funding applications and continued support for the lifetime of your business. Contact: In Biz, tel: 023 8063 2739 or visit the website: www.inbizonline.co.uk
• There may be local authority regeneration projects or other initiatives in your area that may be able to help so check with your local Business Link or Enterprise Agency. Visit topic area: City Council Support for Business.
• There are some financial initiatives targeted to assist entrepreneurs in the black and minority ethnic communities. These tend to offer loans rather than grants but can provide a practical way forward where banks are unable to help. For further information speak to your local Business Link or Enterprise Agency.
• As of April 2003 many more businesses will be eligible for the Small Firms Loan Guarantee Scheme, including retail, catering, motor repair and travel agencies. The government agrees to guarantee 75% of your business loan, making it more likely that banks will take the risk of agreeing a loan.

To find out more about raising finance contact your local Business Link or Enterprise Agency. Visit topic area: Starting your own Business

Networking is important as the more people you meet the more potential for customers and suppliers, information etc. There are a growing number of black business networking opportunities.

To find out what may be available in your area contact your local Business Link. Other support groups include:

• African Caribbean Business Network
  www.acbn.biz
• Asian Business Network
  tel: 0115 943 0017
  www.asiansociety.com
• Black MBA Association (UK)
  tel: 020 7226 8080
  www.blackmbauk.org
• British Ethnic Minority Business Federation
  tel: 020 8239 0512
• Ethnic Minority Business Forum
  www.ethnicbusiness.org
• Ethnic Business Development Corporation tel: 020 8691 3476
  www.ebdc.org.uk

For women, there are a small number of networking opportunities including:

• European Federation of Black Women Business Owners
  tel: 020 7978 9488
  tel: 020 7544 1010
  www.efbwbo.net
• National Black Womens Network
  tel: 020 7544 1010
  www.nbwn.org
• Asian-e Women
  www.asian-e.co.uk