Channel 4 and Lloyds Bank have awarded four black-led businesses £150,000 in TV advertising airtime each as part of the 2024 Black in Business initiative.

In addition to securing airtime on Channel 4, which will run from July onwards, each brand will receive mentoring from a “senior sponsor” executive from both Channel 4 and Lloyds.

Selected from a shortlist of 20, the winning brands are London’s largest handmade Jamaican patty maker Flake Bake; luxury women’s fashion brand Alonuko; and two West Midlands-based haircare brands Flora & Curl and Nylahs Naturals.

“All our finalists showcased a remarkable blend of purpose, research, and quality that highlights the excellence of black-owned businesses in the UK,” says Christopher Remie, commercial development lead at Channel 4 Sales.

“Choosing the winners was tough, but our selected businesses excelled in showcasing their strong products and readiness to scale through engaging presentations.”

The businesses were also chosen for their “potential to thrive” using TV advertising to connect with new customers and drive growth.

Channel 4 and Lloyds increase investment in TV advertising initiative for black-owned businesses

Businesses that applied this year must have generated a minimum turnover of £250,000 in their last financial year, have not invested in TV before, and have at least 50% of the founding team identify as black.

Last year, Black in Business attracted over 1,000 applications, with the TV adverts for the five beneficiaries seen by 21.5 million people. The five winning businesses were awarded £100,000 each, totalling £500,000. This year, Channel 4 and Lloyds boosted the overall investment to £600,000.

Black in Business was set up following separate research projects commissioned by Channel 4 and supported by Lloyds. These projects highlighted that black entrepreneurs face more obstacles setting up and running their businesses than their white counterparts.

Research found that 56% of black-owned businesses only receive funding once they have grown a successful business, compared to just 35% of white business owners, who were given the same requirement by lenders.