While there has been loads of negative talks about immigration in the news as of late, some immigrants – and their descendants – are making a big impact on the California economy. Downey, a Los Angeles suburb, is 75% Latino – and is known as the “Latino Beverly Hills”. Huge numbers of these immigrants and their descendants are making their way into the middle and upper class, breaking barriers that many have placed on their social status. While this is great for the struggling California economy, it also makes waves throughout the entire USA.
While immigrants, documented and undocumented, account for only 13% of the US population, they are a big market. About 25% of this generation’s US-born children are either first or second generation Americans. Immigrants come to the US for many reasons, and many choose to stay once they have visited. While the US only holds 5% of the world’s population, they house the largest population of immigrants. In order to make their way into society, many assimilate in different ways. One way, as featured in Downey’s success, is small business operation.
If you operate a small business, you know how tough it can be, even if you are a US citizen with good credit. So, imagine how tough this can be for someone who is not native born, and who does not have great credit. While a small business is the dream for many, and often the keys of their own freedom, it is tough to succeed, let alone open the doors. Small business funding can be hard to come by, and even though many banks and processors claim to offer it to most, in reality many do not. While those with undocumented status are sure to have massive problems, the same should not be said for documented aliens, or those who are newly minted citizens.
Small businesses make our nation great, and they make a good way for immigrants to make their mark on their neighborhoods. While having a plan can be easy, getting a small business loan is not. Those in need should take their time considering their options, because your small business loan is one of the most important things you will obtain for your business.
Photo Credit: http://www.downeyhomes.org/