The Megaphone of Main Street: Unsung Entrepreneurs reports that, unlike other groups, immigrant entrepreneurs cite job discrimination 53% more often as a motivating factor to start their own business.
More immigrants have been starting businesses
- In 1996 only 13.3% of businesses were owned by immigrants compared to 25.4% in 2019.
While immigrant entrepreneurs are more likely to seek financial support they are less likely to receive it
- They are rejected 72-83.5% more often when seeking expanded lines of credit, crowdfunding, new investors, support from online lenders and veteran loans. This includes all forms of government support.
- Half to three-quarters of immigrant business owners surveyed feel no support from their federal, state or local government.
Instead they seek alternative sources of funding
- Many immigrants tap into personal savings, credit cards or seek loans from friends and family.