Immigrant entrepreneurs for growth and renewal
A recent report by the Small Business Administration highlights the role of immigrant entrepreneurs in the American economy.
The study shows immigrants are more likely to form and own businesses. While the findings suggest immigrant-owned businesses have lower revenues and fewer employees on average, they are more likely to export products. During the Great Recession, in response to declining opportunity in the labor market, immigrant-owned business formation increased at a faster pace than non-immigrant businesses formation.This new SBA study complements research by the Immigrant Learning Center (ILC) demonstrating that, beyond providing a major contribution to economic activity in general, immigrant entrepreneurs have been a positive force for neighborhood revitalization in communities across the country.
Working with the ILC, the Massachusetts Association of Communities Development Corporations, and the Metropolitan Area Planning Council, MassINC has begun a new initiative looking at how cities across the state can support the growth of immigrant-owned business. In the first stage of this new effort, these partners will support a coalition working to advance immigrant entrepreneurship in the City of Lynn. MassINC will then generalize the lessons and experiences gained in Lynn for other Massachusetts communities looking for ideas and strategies to bolster immigrant-led businesses.