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Strategy

How can the UK's EMBs reach their full potential?

With the right guidance, ethnic minority businesses (EMBs) can realise their growth potential through improved procurement opportunities, business support through local hubs, as well as UK-wide policy and long-term leadership.

These 10 steps will help support and improve EMBs (ethnic minority businesses)

1. Tackle perceptions of unequal treatment to increase EMBs’ engagement with bank finance.
2. Monitor engagement with diverse suppliers to facilitate EMBs’ access to procurement opportunities.
3. Develop more sustainable and quality business support to help EMBs realise their growth potential. 
4. Improve access to business support by establishing trust-based relationships with ethnic minority communities.
5. Foster local networks of support through partnership working to strengthen support for EMBs.
6. Include EMB communities in the policy formulation process to enhance the relevance of support.
7. Create local community hubs to better engage with EMBs and ease their access to finance and business support.
8. Develop a UK-wide policy on inclusive entrepreneurship to set out a clear vision for achieving inclusive growth.
9. Create a UK-wide mechanism for promoting and supporting EMBs to provide long-term leadership on this agenda.
10. Gather better data on entrepreneurial diversity to foster evidence-based policymaking.

Article courtesy of natwest
Original article