Lloyds have teamed up with Channel 4 for the return of the Black in Business initiative, which aims to identify and empower four businesses ready to scale and grow.
The project awards four successful Black-owned businesses a package worth £150,000 in Channel 4 TV advertising plus Lloyds’ expertise and business advice.
It was inspired by research led by Channel 4 Sales which concluded that 56% of Black business owners only receive funding once they had already grown a successful business, compared to just 35% of white business owners.
A 2022 report by the bank found that 84% of Black business owners have been negatively discriminated against in their entrepreneurial efforts.
“Black in Business has proven to be a game changer in the journey towards building a more equitable business landscape,” Elyn Corfield, chief executive officer, business and commercial banking at Lloyds, said.
“These entrepreneurs are not just growing their businesses – they are inspiring the next generation. With our increased investment and our continued partnership with Channel 4, we are excited to support even more Black-owned businesses to reach new heights and make their mark.”
Last year, Black in Business attracted more than 1,000 applications, with the TV adverts for the five beneficiaries seen by 21.5 million people.
One in five adults surveyed were able to recall the initiative, and one in three considered buying their products and services.
Applications for Black in Business are now open and will close on 28 October. More information is available here.