Learning about equitable economic development that is inclusive of racialised, working-class groups

Key information

• Partner: Latin Elephant 

• Amount: £382,365 

• Duration: 5 years 

• Programme: Financial foundations for adult health

Background 

Health, wealth and racism are inextricably linked. Where we work in Lambeth and Southwark, our research has shown that people who are struggling financially report far lower levels of good health (43%) than those who describe themselves as financially comfortable (80%). Structural racism makes this worse for some; rates for long-term illnesses are higher for Black and minoritised communities, who are also more likely to be stuck on a lower income, forced to live in unsuitable housing, and trapped in unhealthy jobs. Gentrification in cities exacerbate these circumstances by destabilising racialised communities and businesses, and by excluding marginalised groups from the planning processes that determine the change happening in their neighbourhoods.  

Latin Elephant has been operational since 2014 and are experts in urban regeneration and migrant businesses and economies. It exists to empower Black and minoritised Londoners to engage in processes of urban change and to promote improved physical and mental wellbeing for these groups and the wider community. 

Aims of the partnership

We have partnered with Latin Elephant to learn with them about how to advocate for place-based approaches to economic development and how to ensure policy and practice are equitable and inclusive of racialised, working-class groups. Over our five-year partnership with Latin Elephant, the organisation aims to deliver against its ambitious strategy. Its core strategic aims are: 

• Migrant Businesses: Ensure the successful retention and sustainability of Latin Americans and other working class, racialised traders and their businesses in Southwark. 

• Infrastructure and Power: Create the infrastructure needed for Latin Americans and other working class, racialised traders to build their collective power. Promote health equity by pushing for Elephant and Castle to become a healthier place for racialised traders and the community to live and enjoy.    

• Planning and Race: Ensure Latin American and other working class, racialised traders and workers can realize their dreams and aspirations through continued advocacy for inclusion of race into planning processes.  

Ultimately, Latin Elephant aims to make Elephant and Castle a healthier place by ensuring that it remains an area where the Latin American community can continue to thrive economically, socially and culturally. 

Connection to our strategy

The Equitable Financial Futures portfolio in the financial foundations for adult health programme supports Lambeth and Southwark residents to build financial freedom through an approach grounded in Community Wealth Building principles.  

We develop partnerships with organisations that improve access to and sustainment of entrepreneurship and microbusinesses. We believe that with the right funding, visibility, and policies, these entities can support marginalised communities to generate and maintain wealth for themselves; wealth that has historically been extracted.  

Our investments centre race equity and are place-based, and include one or more of the following characteristics, as these have the potential to advance wider systems change:  

• Offers equitable and affordable access to space;  

• Is scalable or replicable;  

• Is income generating;  

• Seeks to build power through network development or other forms of collaboration;  

• Engages in policy influencing and advocacy.