Launch of the Pentecostal Community Bank in London
The Black majority churches in Britain represents one of the largest community organisations in the country with a consistently significant number of devoted members meeting on a regular basis. These churches are generally not associated with large-scale commercial activities, so it comes as a surprise to hear of a recent report in the Voice Newspaper that a new bank has been launched in London which is a major Black led business. What is even more surprising is that this bank, The Pentecostal Community Bank, was rebranded from the Pentecostal Credit Union and will seek to provide access to financial services and economic empowerment for Black people in Britain. Unlike several other Black businesses, this one might have a better chance of long-term success.
Small Black businesses in Britain have generally experienced many obstacles. This is even though, according to the Federation of Small Businesses (FSB) and the Centre for Research in Ethnic Minority at Aston University in Birmingham, Black led businesses contribute some £25 billion to the UK economy. Many Black businesses experience difficulties such as access to financial support to help their enterprises survive and grow. They also face challenges accessing network support. A report in the Financial Times claims that Black and Asian entrepreneurs face many obstacles in setting up businesses in London and the Southeast generally. This is what makes it remarkable that this church-based initiative to set up a bank, is based in London.
A Black majority church in Britain first appeared in the early 1800s by the Methodist preacher and author John Jea. John travelled extensively while preaching, first in the US and then in the UK and Ireland, where he set up the first Black majority church in England around 1805 when he settled down in Portsmouth. The first Black led Pentecostal church in Britain was set up by Rev Thomas Kwame Brem-Wilson around 1901. It was, however, the arrival of thousands of Caribbean people into Britain from the 1940s that ushered in the permanent establishment of the Black majority churches in the country.
There are three main reasons why this Black community business venture might survive, even though so many other Black businesses have spectacularly failed. According to the Voice, the Pentecostal Community Bank was created out the previously church operated Pentecostal Credit Union that had been set up just over forty years ago. This alone is one of the reasons for optimism. The roots of this Pentecostal Community Bank were established decades ago and therefore helps create an element of credibility and trust. A second factor is that the Black majority churches in Britain represent one of the largest community organisations in the country. Although this is one Black majority Christian denomination, and the Pentecostal Community Bank is London based, there is scope for increased networking possibilities across the UK. There is a third factor that needs to be considered that often evades many Black businesses. This is the need to widen the marketing of this business to the broader society. This is one area where so many Black businesses have not capitalised. Given the long track record, and the possibility of expanding the large network, over time, this Black based community business could become a nation-wide success.
Dr. Tony Talburt teaches at Birmingham City University in the UK.
