It's important we have an inquiry into the problems ethnic minority entrepreneurs have with the banks

24 Nov 2011
Diane Abbott MP, Shadow Health Minister has welcomed Nick Clegg’s proposal to launch an inquiry into the problems ethnic minority entrepreneurs have with the banks. She said:

“I welcome this proposal. I have run a network for black female entrepreneurs since the 1990’s. It is called “Black Women Mean Business”. The biggest problem that people came to me with was difficulty accessing finance. Sometimes the issue was finance to set up in business at all, but it was also problematic obtaining finance in order to expand. In the current climate the problem is worse than ever.

‘At a national level financial institutions often mean well, but problems occur at a branch level. All too often local managers do not know the community or the niche sectors that ethnic minority entrepreneurs want to enter e.g. black hairdressers.

‘I have tried in the past to bring ethnic minority entrepreneurs together with banks and “business angels” to try and overcome problems. But this initiative is overdue. We need to everything we can to encourage black business.’

--ENDS—

Notes to journalists:

1) Diane Abbott’s Black Women Mean Business initiative: http://www.dianeabbott.org.uk/bwmb.aspx

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