Exchange Database
NYC catalyzes small business
One out of three people in New York City is an immigrant and they generate $215 billion in the local economy every year, but more can be done to help small businesses thrive in the city, government officials said. The Chinese community accounts for the largest number of immigrant small business owners, owning more than 6,500 of the city's small businesses, according to the Fiscal Policy Institute. But they, like other of New York City's ethnic groups, face problems in entrepreneurship that are unique to the immigrant population, said Torres-Springer. Started in May, the Immigrant Business Initiative works with community organizations to "find and execute solutions to help immigrant-owned businesses start, operate and grow", the city government said.
Outcomes:
Resource centers around the city help with problems small business owners face, and Torres-Springer said there is an emphasis on cultural competency in training the staff. There are more than 67,000 small businesses in New York City. Chinese immigrants account for the largest number of immigrant small business owners, with more than 6,500 (or 9 percent), according to the Fiscal Policy Institute. Shanghai Asian Manor restaurant in Manhattan's Chinatown is one of the Chinese-owned small businesses that took advantage of the city's business planning services, utilizing its business acceleration program, which helps businesses get through the start-up process much faster than normal, said deputy commissioner Robinson Hernandez.
Government?:
Yes
Type of Exchange:
business
Partners:
Small Business Services New York
Immigrant Business Initiative
Participants (Types):
immigrant business owners, government workers
Exchange Date:
Tuesday, August 5, 2014
Continuing:
No
Image:
Level of Government:
local
Location:
New York, US
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