Today, Seema Flower, award-winning entrepreneur, founder of Blind Ambition, and a leading advocate for disability inclusion, took center stage with Gareth Thomas MP Minister for Small Business at the House of Lords to mark the launch of the Disability Finance Code for Entrepreneurship. This groundbreaking initiative, spearheaded by the Lilac Review, seeks to break down the financial barriers that Disabled entrepreneurs in the UK face, paving the way for a more equitable and inclusive entrepreneurial environment.
A Bold Commitment to Change
The Disability Finance Code was developed collaboratively with the Department for Business and Trade, the Lilac Review Steering Board, British Business Bank, and UK Finance. It outlines a series of commitments that financial institutions must adopt to foster inclusivity for Disabled entrepreneurs.
Key commitments of the Code include:
- Inclusive Design Principles: Ensuring banking products and services are accessible to all by adhering to best practices in inclusive design.
- Support for Disabled Founders: Offering practical and accessible resources, such as mentoring, networking, finance readiness education, and business planning assistance. Institutions are also encouraged to launch targeted initiatives tailored to Disabled entrepreneurs.
- Showcasing Success Stories: Celebrating the achievements of Disabled entrepreneurs who have successfully accessed financial products, providing inspiration and a blueprint for others.
- Representation of Disabled Colleagues: Promoting the inclusion of Disabled individuals within financial organizations to create a more supportive and representative ecosystem.
Founding Signatories Committed to Progress
Major financial institutions, including Barclays, HSBC UK, Lloyds, and NatWest, have signed on as founding supporters of the Disability Finance Code. Their participation signals a strong commitment to driving systemic change and ensuring the financial sector becomes truly accessible for Disabled entrepreneurs.
The Economic Imperative
The urgency of this initiative is underscored by startling statistics: Disabled entrepreneurs account for 25% of the UK’s 5.5 million small businesses but generate only 8.6% of total small business turnover. These figures highlight the structural challenges that persist, including:
- Limited visibility of financial products tailored to Disabled entrepreneurs’ needs.
- Accessibility barriers in banking and procurement processes.
- A lack of representation in financial services.
By addressing these issues, the Disability Finance Code has the potential to unlock an additional £230 billion in business turnover, making inclusivity not only a moral imperative but an economic opportunity.
Seema Flower’s Call to Action
In her stirring speech, Seema Flower captured the transformative potential of the Code:
“The Disability Finance Code is a fantastic step forward, breaking down barriers and opening doors for entrepreneurs like me who have so much to contribute. This initiative sends a powerful message that Disabled entrepreneurs matter and that our efforts are valued. By providing practical guidelines and advocating for inclusive practices, this Code creates opportunities for Disabled businesses to grow.”
Looking Ahead
The launch of the Disability Finance Code marks a significant milestone in the ongoing efforts of the Lilac Review. With final recommendations set to be published in 2025, today’s announcement represents the first step in a collaborative journey toward creating a financial sector that supports all entrepreneurs.
Seema Flower’s passionate advocacy reminds us of the essential role of Disabled entrepreneurs in driving innovation and growth. The Disability Finance Code for Entrepreneurship stands as a beacon of hope, signaling a future where financial opportunities are accessible to all, regardless of disability.
For more information about the Disability Finance Code and the Lilac Review, access the Interim Report here. Join the conversation and be part of the movement to build a more inclusive entrepreneurial ecosystem.
Seema speaks to Gareth Thomas MP Minister for Small Business
