Every year Britain is becoming more and more ethnically diverse. The ethnic minority population in Britain grew by 53% between 1991 and 2001 verses 3% for the entire population and now represents 4.3 million people. Ethnic Minority Businesses (EMBs) are also making an increasingly important contribution to Britain's economy. This guide tells you more about Ethnic Minority Banking and where to go for more information and support services:
There are an estimated 300,000 EMBs in Britain. This stock has grown by 38% between 2005 and 2007 verses a total of 4% in total SME (Small, Medium Enterprises) stock during the same period. To put this into context, EMBs represent c.7% of total SME stock this compares in size to the Manufacturing sector.
Want to know more about this sector? Then check out the Governments proposals on supporting EMBs
Use the NatWest Small Business Monitor to see what customers think about this emerging sector
Knowing where to look for information is only half the battle! Transforming it into tangible activity to help you grow your business can sometimes be less clear. Despair not; help is at hand through a series of local agencies dedicated to supporting small businesses. In addition to this, NatWest have relationship managers who work closely with these bodies/agencies to further help and support EMB communities/entrepreneurs achieve their business goals.
The British and local Chambers of Commerce, The Asian Business Development Network, HAFTA and the Hindu Mission are just some of the agencies in operation
NatWest helped Mohammed Farid and Mohammed Khan (Asian Businessmen of the Year) for the past 3 years and local manager Stuart Bannister has worked closely with the partnership helping them grow their business into what it is today. Recently Stuart helped them secure the Small Heath Building Centre, funding the renovation which also allowed the partnership to secure the jobs of the existing workforce. Feedback from the customer indicates what value they place on the relationship they have with Stuart and NatWest." I can honestly say hand on heart, without God, Stuart Bannister and NatWest Bank we would not be where we are today with a very successful business. Many thanks to Stuart and the team at NatWest".
To help you on your business journey, we've created Smarta Business Builder, the complete online tools package for growing your business. Website Builder, Business Plans, Accounting Software, Legal Documents and Email - all in one place - from just £20 per month with no contract! Try it out today.