A third of all entrepreneurs benefiting from a government scheme to help businesses with no access to finance are from ethnic minorities, figures show.
The Start Up Loans programme is designed to help solve the problem of supporting people who have a feasible business idea but no access to capital.
In 2012, £151 million was made available to the scheme by the government to aid entrepreneurs with a target to start 30,000 new businesses by 2016.
More than 20,000 loans have now been issued under the scheme, amounting to a value of more than £100 Million.
Start Up Loans are available to businesses yet to launch or those that have been trading for up to 12 months.
Figures from the Department of Business, Innovation and Skills show in the past year a third of all businesses set up through the initiative have been by BAME entrepreneurs.
Since being set up the scheme has made available 20,000 loans to business-savvy entrepreneurs.
Commenting, the Business Secretary Vince Cable said: “The stereotype of Asian businesses is changing rapidly; while that stereotype is still there – 30% are in the retail sector – it’s rapidly diversifying.
“The communities growth is essential to job creation and national economic recovery, as is the emergence of a new generation of Asian entrepreneurs.
“Helping more small businesses to get started and thrive is a key part of the government’s drive to create a more entrepreneurial society.”
“In 2010 Vince Cable also launched a Business Mentoring project which has attracted 15,000 mentors, 11% of which are from Black, Asian or Minority Ethnic groups.”
