Small Business Finance News

NYC To Support Immigrant Business Owners

Written by Jenna Weiner
Published: 3/11/2011

Last week, New York City Mayor Michael Bloomberg announced three new steps to help immigrant-owned businesses in the city.

For centuries, immigrants have arrived in New York City, hoping to build a better life for themselves and their children. To aid the city's most recent generation of dreamers and entrepreneurs, Mayor Michael R. Bloomberg announced several new initiatives to make it easier for immigrant-owned businesses to start and grow their businesses.

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Recent small business news reports that late last week, Bloomberg announced three steps to help this population, including a business plan competition to identify innovative strategies to help immigrant entrepreneurs; free business courses in Chinese, Korean, Spanish and Russian and an expo to showcase immigrant food manufacturers.

The competition will be sponsored by New York City's Economic Development Corporation and the philanthropic arm of Deutsche Bank, with the top five plans receiving funding of up to $225,000.

"The strength, vitality and allure of this city has been because of two things: immigrants and entrepreneurship," said City Council Speaker Christine C. Quinn. "It is only right that we continue to support those coming to New York City to pursue their dream of opening up their business by providing them with the proper information and tools to help their business thrive in one of the best cities in the world."

According to the Wall Street Journal, immigrants constitute more than 40 percent of the city's work force and approximately half of its self-employed workers.

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