Question to the Department for Business, Energy and Industrial Strategy:

To ask the Secretary of State for Business, Energy and Industrial Strategy, what discussions he has had with venture capital industry representatives on tackling funding gaps for minority ethnic-owned businesses; and if he will make a statement.

The Government recognises the challenges in accessing finance faced by minority-ethnic owned businesses and has reflected that in the British Business Bank’s objective to identify and help to reduce imbalances in access to finance. The Bank’s latest Annual Report highlights that in 2020/21, 21% of Start Up Loans were provided to founders from Black, Asian and other minority ethnic backgrounds.

Ministers regularly engage with ethnic minority business leaders and representative organisations including through the Ethnic Minority Business Group. Access to finance has been regularly raised and we will continue to discuss this with VC industry representatives and ethnic minority businesses.