LSB finds ethnic minority-led businesses less likely to have full loan applications approved

The Lending Standards Board has published new research which found that UK ethnic minority-led businesses (EMBs) are three times less likely (19%) than White British-led businesses (58%) to have their lending product applications accepted for the full amount.

The research also found that EMBs are among the UK’s most ambitious and high-growth enterprises, with 29%  looking to grow international sales and 60% to expand into new products, channels or locations, compared to 17% and 44% respectively for non-EMBs.

This spring, the LSB will launch a new Access to Financial Services for Ethnic Minority-led Business Code. Announced last autumn by the All-Parliamentary Group for Ethnic Minority Business Owners, the Code will support signatory financial services firms in accessing financial services for EMBs.