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

To ask the Secretary of State for Business, Energy and Industrial Strategy, with reference to the London Chamber of Commerce and Industry’s report entitled Ethnic Diversity in Business: Removing barriers impeding business success, published on 12 May 2022, what assessment he has made of the report’s finding that entrepreneurs from ethnic minority backgrounds are held back by stereotyping and outdated perceptions; and if he will make a statement.

The Government is aware of the challenges faced by ethnic minority businesses and is taking action to support them. The British Business Bank’s Alone Together report (2020) found access to finance is a major barrier for ethnic minority entrepreneurs. We are working with stakeholders to agree interventions to improve access to finance. Since its launch (2012) the Start Up Loans programme has issued around 20% of its loans to Black, Asian, and Ethnic-minority business.

The Government are also delivering actions set out in the Inclusive Britain report (2022), which aim to support ethnic minority entrepreneurs. Ministers regularly engage with ethnic minority business leaders and networks to better understand the issues facing them.