Ethnic minority businesses were badly hit during the Covid-19 pandemic, with many operating in sectors severely hampered by lockdown. As we navigate a cost-of-living crisis, it is more important than ever to think about creating a fairer and more equal business environment that enables such firms to thrive. At NatWest’s recent national SME Taskforce meeting, we gathered industry experts to hear about how the banking and business sector can do that most effectively.
The two most urgent changes to be made are on access to finance and ensuring a coordinated response to tackling unfavourable treatment of ethnic minority businesses, said Monder Ram, author of the report Time to Change: A Blueprint for Advancing the UK’s Ethnic Minority Businesses, by Aston University’s Centre for Research in Ethnic Minority Entrepreneurship (Creme), in partnership with NatWest. Ram, an academic at the university, explained that previous studies have shown ethnic minority businesses contribute an estimated £25bn to the UK economy. According to his report, that figure could be four times higher with the right policy adjustments.
