The Survivor Inclusion Initiative (SII) is intended to facilitate access to financial services for survivors of modern slavery and human trafficking in the UK, US, and Canada. The initiative provides training resources, direct support, and periodic convenings for a coalition of participating organisations, including banks and survivor support organisations (SSOs). SII has facilitated access to basic banking services for over 2000 survivors to date.

The SII was reviewed by Sarah Byrne of Moore and van Allen (US), during which a critical issue for survivors of modern slavery was identified regarding long-term financial needs for business banking and start-up support. This includes the need for small business bank accounts, peer-to-peer transaction platforms, and business loans. The expert review also identified an interest among financial institutions in increased guidance on legal and regulatory frameworks to support the expansion of product types for survivor inclusion, including small business support.

To gain further insight into survivors’ business banking and start-up needs, Finance Against Slavery and Trafficking (FAST) hosted a global Survivor Business Roundtable that included survivor entrepreneurs, survivor support organisations, and banks. The recommendations arising from this focused on training and sensitising bank staff to open accounts, and recommended that survivors must receive accessible guidance and support for developing viable business ideas, such as business plans and structures. Banks and others should also connect survivors to peer-to-peer mentoring by survivor entrepreneurs with similar businesses, and support the provision of financial incentives for survivor bank accounts that remain “in the black” and consequently promote the creation of wealth. When it comes to providing banking support for survivor business, banks should consider interest-free survivor loans and alternative references.

The report also highlights that survivors’ needs for support vary based on context and that not every survivor is interested in starting a business. Facilitating economic empowerment support for survivors, including CV writing, work experience, internship, and volunteer work programmes, can help those ready to be employed. Survivor economic empowerment can help prevent trafficking and re-trafficking; therefore, the public and private sectors should collaborate to fund survivor support services run by survivors.

Overall, the report addresses the need for financial institutions to provide meaningful and sustained action to address modern slavery and human trafficking. While the SII focuses on facilitating access to banking services, survivors also need support for their financial stability, such as access to financial products and services for small business loans, among others. The recommendations arising from the expert review and roundtable discussions provide actionable steps that financial institutions and others can take towards promoting sustainable financial inclusion and empowerment for survivors of modern slavery and human trafficking.