Do more to support ethnic minority businesses, Clegg tells banks

Deputy Prime Minister Nick Clegg has called on banks to do more to ensure that everyone who wants to start a business is given every opportunity to turn their ideas and aspirations into successful enterprises.

A report he commissioned found that although the banking industry is working hard to ensure ethnic minority businesses have access to finance, there is more to be done to help under-represented groups reach their goals.

Speaking at a meeting in Manchester with senior banking figures and entrepreneurs from ethnic minorities, he said: “I welcome the fact that the report finds no evidence of racial discrimination, and I am pleased to see the banking industry has agreed to a range of measures to address the various factors that have prevented some entrepreneurs from getting loans.

“I am particularly glad to see the banks commit to independent research on ethnic minority businesses and their experience of accessing finance so that they can monitor the situation.”

While welcoming the report, Mr. Clegg said there was much more to be done to make sure that entrepreneurs from ethnic minorities have a fair chance to achieve their goals.

“Part of building a stronger economy that allows people of all backgrounds to get on in life is ensuring fair and open access to finance,” he said.

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