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The Emerging Immigrant Market and Microenterprise
How can funders accelerate the contribution of immigrant enterprise to local communities?
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This note focuses on the emerging immigrant market in the United States (U.S.) and highlights the performance of microenterprise development programs. The note states that:
- Immigrants have proven to be more entrepreneurial than native-born residents, despite facing barriers that other small businesses do not.
- However, microenterprise development programs have responded to these high potential, emerging business markets by:
- Engaging in special outreach, using institutional and personal bridges to this market;
- Incorporating training content that introduces immigrants to business practice and financial practice in the U.S.;
- Offering training in relevant languages, using participatory methods that support adult learning, and addressing important personal and cultural issues;
- Offering safe environments for undocumented entrepreneurs;
- Presenting financial products that help clients build credit that can act as a stepping stone to business credit;
- Offering business credit, drawing on alternative underwriting and addressing risk.
The guide concludes that funders should:
- Target funding for these programs;
- Invest in product development and translation of materials for specific communities;
- Help programs address capital gaps;
- Foster connections between micorenterprsie organizations, and mainstream financial service providers and economic development agencies.
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