The dream of arriving at the land with equal opportunities for all people is the desire of more than one million immigrants who enter the United States each year, according to information from the Pew Research Center. That aspiration is becoming more distant every day due to the inequalities that are currently more visible.
Immigrant-owned businesses have suffered deep impacts in the pursuit of the American dream, the biggest of which has been the lack of government funding to keep up the effort-based entrepreneurship that has been established. Until 2016, there were more than 370,000 Indian-owned businesses, according to data from the U.S. Census Bureau.
Restrictions on mobility have affected all businesses around the world, including those established in the United States, regardless of the nationality of the owner. As for start-up Indian businesses, the situation is complicated to set up and start operating. However, they can rely on small business grants for minorities, which are financial products developed specifically to help African-American, Latino, and also Indian entrepreneurs.
Can the American dream still be achieved?
According to figures from Statista, in 2020 there were more than 804 thousand companies with one year of operation, which represents 30 thousand more start-up businesses than those registered a year earlier. Statistics from the Failory site state that two out of every 10 companies fail during the first year of operation. One of the main reasons for this is the lack of financing.
Indian entrepreneurs in the United States can access small business grants for minorities. These grants are provided by organizations such as the Minority Business Development Agency (MBDA), a federal agency under the U.S. Department of Commerce, which specializes in financing minority entrepreneurship, such as Latinos or Asian Americans.
On the other hand, businesses that are already operating can rely on financial products such as PPP (Paycheck Protection Program) loans, granted by the SBA (Small Business Administration) to help small businesses keep their workforce active during the Covid-19 pandemic. In either case, the process is not simple and currently, there are many companies and entrepreneurs applying for this financing, to learn about all the options of small business grants for minorities click here.
The impact of the pandemic on Indian businesses
According to information from the Migration Policy Institute, as of 2016, there were 2.7 million Indian immigrants in the United States, representing approximately 6% of the total population, making them the second-largest group in the country, just behind Mexicans.
The state with the largest Indian population in California (20%) and it is precisely this demarcation that has one of the highest numbers of businesses affected by the pandemic. Until September 2020, more than 19 thousand businesses were reported to be permanently closed, according to the Yelp: Local Economic Impact Report.
The great advantage of Indian immigrants in the United States is the level of education they possess; 35% of them have the necessary requirements to access managerial positions. 78% are in the 18 to 64 age range, the segment with the largest economically active population.
These positive indicators point to a favorable future for Indian entrepreneurship in the United States. Above all, with the capacity to generate jobs. If we add to these strengths the possibility of accessing financing, the equation might be perfect. There are financial institutions with small business grants for minorities that can help them fulfill their mission.
The current situation for established businesses and upcoming enterprises is complicated and requires duplication of efforts in all aspects. The Indian community in the United States has all the qualities to succeed and achieve great results. Access to small business grants for minorities can give them the boost they need to generate innovative and successful businesses. Can you transform the American dream into your reality?