£2m of a £24m fund will be ringfenced to support Black, Asian and minority ethnic-led creative businesses.
Creative Growth Finance, a specialist lender for the creative industries, says businesses where the executive team is at least one third BAME will be eligible for support, as well as those that produce tools to improve the sector's inclusivity.
Chief Financial Officer Mehjabeen Patrick said the creative industries are pushing boundaries but that the products of creativity too rarely reflect the diversity of their creators.
"This is especially true at business leadership level, where opportunities for progression are, or appear, unattainable to many."
The Creative Growth Finance Debt Fund was established last year by Triodos Bank and Creative England.
Businesses must have an annual turnover of at least £300,000 to apply.