Access to funding, low self-belief and a lack of networks cited as challenges for Leicester’s black founders

A new report has been released outlining the challenges that black founders in Leicester face.

The research was produced by University of Leicester intern, Lara Anubi, using interviews with several prominent black businesspeople in the East Midlands and published by the LLEP’s Business Gateway Growth Hub.

It found that black-ran companies typically only survive for 3 years as opposed to the 7 years for Leicester’s average businesses.

Access to funding, low self-belief and some culture issues were cited as some of the reasons.

Black female founders were particularly under-represented and all the author’s interviewees said they encountered sexism in their working lives.

The report concludes that communication with the black business community in Leicester could be improved and a lack of networks contribute to the financial challenges they face.

“All of these challenges are relatively conquerable but combined with pockets of unconscious and conscious racial discrimination in society, it is even more challenging. …. Furthermore, the community cannot do it alone and support from organisations like the LLEP, the Business Gateway Growth Hub and the rest of the BBCL is vital.”

You can read the full report here.