Four Black-owned businesses have been named the winners of Channel 4’s Black in Business 2024 initiative.
Backed by Lloyds, the initiative aims to connect Black entrepreneurs with the transformative power of TV advertising and business mentoring.
Now in its second year, the initiative saw an exceptional standard of applicants, according to its organisers, with an original shortlist of 20 businesses in the running for a combination of free advertising airtime, business support and their own Channel 4 TV advert.
The four winning businesses of Black in Business 2024 will each receive £150,000 worth of TV advertising airtime on Channel 4, which will run from July onwards.
Alongside this, each business owner will receive mentoring from a ‘senior sponsor’ executive from both Channel 4 and Lloyds, providing expertise tailored towards their specific needs.
Elyn Corfield, CEO, Business and Commercial Banking, Lloyds Banking Group, said the talented entrepreneurs had shown “tremendous passion in starting and scaling their businesses”, which had “shone brightly” throughout the competition.
“Creativity and resilience are key to running a successful business, so we look forward to seeing these winners thrive and inspire others,” said Corfield, adding that the group’s Black entrepreneurs programme was committed to supporting “ambitions and helping Britain prosper”.
Black in Business was set up after separate research projects, commissioned by Channel 4 and supported by Lloyds, highlighted how Black entrepreneurs faced more obstacles setting up and running businesses than their white counterparts.
Channel 4 Sales’ research found that 56% of Black owned businesses only receive funding once they had already grown a successful business, compared to just 35% of white business owners who were given the same requirement by lenders.
Lloyds’ 2022 Black. British. In Business and Proud report had already revealed that 84% of Black business owners have been negatively discriminated against in their entrepreneurial efforts.
Christopher Remie, Commercial Development Lead, Channel 4 Sales, said: “All our finalists showcased a remarkable blend of purpose, research, and quality that highlights the excellence of Black-owned businesses in the UK.
“Choosing the winners was tough, but our selected businesses excelled in showcasing their strong products and readiness to scale through engaging presentations. They were chosen for their potential to thrive with TV advertising, leveraging its reach to drive growth and connect with new customers.”
The winners are:
Flake Bake: London’s largest handmade Jamaican patty maker, offering meat and vegetable options infused with Caribbean spices in seven different flavours.
Flora & Curl: A West Midlands-based haircare brand offering natural, plant-powered products for individuals with textured hair.
Alonuko: A London-based luxury women’s fashion brand specialising in handcrafted bridal and evening wear.
Nylahs Naturals: A West Midlands-based textured haircare brand empowering Black women to embrace their natural hair with the use of advanced ingredient technologies, stimulating hair recovery.