For decades New York City has been at the center of global innovation, entrepreneurship, culture, and creativity. From innovative new tech and media companies to trendsetting fashions and world-class cuisine, New York City is home to some of the world’s most dynamic new businesses and game-changing ideas. An important ingredient in our City’s ingenuity and economic success are New York’s foreign-born entrepreneurs who own more than a third of the City’s more than 200,000 small businesses and 1 in 6 businesses nationally.
Immigrant entrepreneurs are more than twice as likely as native-born residents to choose self-employment and start their own business. Small businesses serve as an equalizer and a pathway to the middle class, which is why many immigrants choose to start their own business. These businesses not only help the owner, but entire neighborhoods– providing local jobs, economic activity, language and cultural accessibility, and retail or personal services that may be preferred by the neighborhood’s specific ethnic groups.
In supporting immigrant entrepreneurs, policy-makers must look toward building solutions that leverage both public and private resources and involve immigrant communities at every step of the way. This is why the NYC Department of Small Business Services (SBS) and Citi Community Development are proud to launch a set of initiatives designed to work with immigrant communities in delivering culturally-appropriate, tailor-made small business solutions that seek to solve a unique challenge faced by New York’s immigrant entrepreneurial community.
SBS is now accepting proposals from organizations with strong ties to New York City’s immigrant entrepreneurial community to provide insights and solutions to helping immigrant entrepreneurs in their community. By tapping into the creativity and social entrepreneurship of immigrant communities, the City of New York will join forces with some of the City’s most tested innovators in tackling the challenges that immigrant small business owners face and creating a City where everyone rises together regardless of where they were born.