Black History Month is a time to honour legacy, celebrate resilience and confront the systems that have long held our communities back. One of the most persistent barriers to progress is the financial system – a system that has consistently failed to serve Black and Ethnically Minoritised (BEM) communities across the UK.

I’m proud to contribute to the Rooted in Money series, standing firm in power and pride. Our work at Pathway is as a direct response to the exclusion that BEM-led organisations face. The lack of access to social investment can no longer be tolerated.

Last year, our research revealed that 74% of BEM-led charities and social enterprises had been denied funding because of race or ethnicity. Even more troubling, 55% said they would not trust or approach social investors. Our partners, Do it Now Now, have documented this extensively: the social finance landscape remains a desert for many BEM organisations – dry, barren and devoid of opportunity.

The consequences are profound. When capital is withheld, communities suffer. Sixty-six percent of BEM-led organisations told us that being denied funding directly hindered their ability to deliver for their communities. This is not just a financial issue, it’s a social and economic crisis.

Recognising this, Pathway Fund was founded in 2022 by Bonnie Chiu, Kunle Olulode MBE, and Stephen Bediako OBE. Their vision was bold: to counter systemic failure with intentional action. Today, that vision is becoming reality.

We’re now transitioning from our pilot phase into a fully scaled, standalone entity. Even during our pilot, we launched programmes that began reshaping the narrative.

Through our Enterprise Development Programme, delivered in partnership with Do it Now Now, we’ve supported BEM-led charities and social enterprises to strengthen their capacity and access social investment. The results speak for themselves: 75% now feel more confident navigating social finance, and 84% have increased their community impact.

We’ve also launched the Fund Manager Incubator Programme, nurturing three BEM-led fund managers — Foundervine, Startup Discovery School, and the Black Social Traders Network. These leaders are building ventures that harness impact capital and deliver for their communities. In a sector where fewer than 1% of venture capital leaders are Black, this work is transformative. They are cultivating ecosystems of racially equitable finance that will outlast this generation.

So, what now? How do we build on these learnings, this progress, this momentum?

The answer is clear: we scale. We replicate what works, take our programmes nationwide, and embed equity into every layer of the system.

At Pathway, we’re preparing to launch our 2026–2029 strategy, publish our roadshow findings, and roll out a new suite of regional programmes. We’ll grow where we’re needed most and double down on our mission to close the equity gap once and for all.

But we cannot do it alone. It’s time for all stakeholders – government, investors, funders and sector leaders – to embed racial equity into every region, every social economy and every combined authority across the country. We need more fund manager programmes to bring through the next generation of BEM-led talent and more intentional investment strategies that prioritise inclusion and justice. If we do this, we can transform the financial sector forever. We can create a ripple effect – empowering new BEM-led enterprises and communities to drive change from within. Our communities are worth millions to UK Plc and hold the key to unlocking the government’s inclusive economic growth agenda.

But that ripple effect will only take hold if we stand together — in power, in pride and in purpose.

Rooted Finance and Pathway are leading this charge, but lasting change will require collective action. Together, we can dismantle inequities in social finance and build a future where inclusion is not aspirational — it is the standard.

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Author Bio: Asher Craig has dedicated over 30 years to driving social change as a community activist, leader, and management consultant. As the former Deputy Mayor of Bristol and now Chief Executive of Pathway Fund, she is a passionate advocate for Black, minoritised, and underrepresented communities, championing initiatives that create meaningful social impact. At Bristol City Council, Asher held key portfolios in children & education, equalities, neighbourhoods & communities. She played a pivotal role in introducing a more racially equitable, sustainable, and healthy food system, contributing to Bristol’s achievement of Gold Sustainable Food City status in 2021, spearheaded the City’s first Citizens Assembly and the design and creation of a Community Resilience Fund, directly targeted at growing the power of communities experiencing the greatest inequality. Beyond her leadership roles, Asher is deeply involved in community and social justice work. She founded the Mosaic Advocacy Centre, a social enterprise, and serves as a trustee for the Terrence Higgins Trust. She is also on the board of MAZI – a local food and young people’s project and chairs the Bristol Legacy Foundation, an organisation addressing the systemic marginalisation of African Heritage Communities in Bristol’s cultural, creative, and public spaces.