If you are going to start a business, then nothing sounds better than getting free money for your start-up. Unlike common business loans from the financial organization, you do not have to repay for the grants, pay debts, and worry about term payments, interest rates and several other things. There are several federal and non-profit organizations that help individuals or group to start a business in the USA. Take for example the small business grants, commercial mortgage loan, equipment lease, grants for equipment purchase and many more. There are similar grants for immigrants to start a business, but many of the immigrating people are unaware of that.
Grants for Immigrants
The US government offers free financial aid for non-resident people, who have migrated from other countries in search of food, shelter, safety, employment and better livelihood. Immigrants from other countries find it really difficult to manage with livelihood expense without better job and business scope. Some of them are even not eligible to apply for grants provided for business, food shelter, education and others. So, the federal government created a separate category of financial grants for immigrants to start a business, to make them manage with their expenses and contribute to the economic development of the country.
Some common business grants for immigrants
When you just talk about business grants, few common names of organization and programs come in front for helping and facilitating the non-resident group of Americans.
- The US Small Business Administration for providing help and support to small scale business owners to start a new business in the USA. They provide financial help, expert suggestions, information on federal government contracting, home and business loans.
- Business Development Grants are there for providing specialized service to the immigrants looking for added benefits over general financial assistance. The program helps immigrants to get technical assistance, access to capital, training and business management programs.
- Microenterprise grants for Refugees are run by the US Department of Health and Human Services to start a new business in the USA and expand them across international borders. This program provides $15,000 help for immigrants and refugees, with additional support service to march confidently in the world of competition.
- Discretionary Grants for refugees and new entrants is created by the US Department of Health and Human Services with a purpose to lower the number of immigrants and finding new job opportunities for them. The program provides proper guidance for marketing, management, book keeping and more.
- Wilson/Fish program is run by the federal government for refugees and immigrants, under the Office of Refugee Settlement by the US Department of Health and Human Services. It features financial assistance, medical help, language training in English and skill development programs to get a business license, easily.
There are several rural development grants and financial programs for immigrants, refugees and asylees. You can go through each of them by visiting the website directly.
Why the Government Provides Grants for Immigrants?
- Immigration is reshaping the economic development of the country. Immigrants have delivered amazing growth in the business and are great entrepreneurs.
- Around 48% of economic growth between the year 2000 and 2013 is observed due to the growing number of immigrants in the business Check here for full details.
- Immigrants from other countries come with new ideas and prospective that has already fueled the American economic growth, and changed the world often. In fact, the number of successful business owners in Fortune 500® in 2017 list comprises of hard working and creative new, first and second-generation Americans only.
- According to researches, the outgrowing number of self-employed immigrants has already overshadowed the resident business owners in the US. The limit is expected to increase more in the coming years since it has already doubled between 1994 and 2015.
- Immigrants are highly capable of creating new scope and opportunities for themselves and others. They are highly motivated and dedicated to drawing better revenue from their business, no matter how big or small it is.
- Immigrant entrepreneurs are important for the nation’s economic growth and development. Immigrants make any nation competitive and serve as a reminder of the American dream.
- Immigrant-owned business creates new opportunity and sources of income for not only immigrants but for unemployed citizens of the USA. That is why; the government of the USA reported a decrease in the unemployment rate in the last few years since the country started inviting migration from other countries and provided grants for immigrants to start a business. This establishes contact between people of different ethnicities, nationalities and culture and breeds a sense of trust.
- There are many minority business owners in the US facing challenges when starting and expanding a small business, including access to affordable small-scale financial assistance. A grant for immigrants to start a business helps them a lot.
- Hard work, dedication and strongly motivated vision are hallmarks of successful immigrants in the US. Whether running a small-scale business or a larger enterprise, immigrants are extremely successful. But, sometimes in abundance of funds and challenges, in the beginning, trouble them in several ways. Although, the grants for immigrants to start a business is just designed for those motivated entrepreneurs. Grants allow them to take a chance in fashion, food, designing, technology, manufacturing and more.
These are a few common reasons, although the immigrants had to cater to several other challenges. Providing financial assistance could be the greatest help to them.
Bottom Line
Immigrants are motivated at growing new opportunities and revenue for the countries. You can witness a rise in an innovative culture, with new inventions and better job options for the unemployed section of the society.
If you are not sure, about the type and funds available for immigrants; ask for expert consultation, Go through informative contents that put light on grants for immigrants to start a business, and other important topics grants for minority small business, capital funding sources for minority business and more.
