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Lorely Burt MPWorking hard for Solihull |
POOR ACCESS TO SMALL BUSINESS FINANCE HINDERING MINORITY ENTREPRENEURS
April 3, 2006 3:19 PM
Lorely Burt, Liberal Democrat Spokesperson for Women and Equalities, today reacted to the findings of the ACCA which indicates that certain groups including women, ethnic minority businesses, and entrepreneurs from deprived backgrounds are unable to overcome the financing obstacles in their path:
Research shows that women start-up businesses with only one-third of the amount of capital as men.
African/Caribbean entrepreneurs are more likely to have bank loan applications rejected, and once established are more likely to fail when trying to access external finance than white controlled firms.
These issues are of particular importance in the West Midlands as there are a high number of small businesses and ethnic minorities.
Commenting, Lorely Burt said:
"The Government needs to be pro-active in addressing this issue in order to maximise potential for growth in small business throughout the UK and provide universal equality for businessmen and women.
"This is of serious concern given that studies show that such forms of external financing are invariably the most common way of developing a business.
"The Prime Minister professes to believe in equality of opportunity, but in practice Labour have done little to empower minority groups in business. On an economic level this is to the determent of UK competitiveness."
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