According to researchers, a major portion of the USA’s economic growth is completely dependent on small scale businesses started by immigrants. Around forty-eight percent rise in profit has been observed between the year 2000 and 2013 due to the business operated by immigrants. The number of self-employed immigrants is more than the number of local business owners in the US; you can also say it has doubled between the year 1994 and 2015, and it seems to grow in the coming years. Their limitless potentials have created a new scope and opportunity for themselves and others. And, thankfully there are grants for immigrants to start a business.
If you are searching for first time help with small scale business or looking for loans and grants for immigrants to start a business, you might get excited. We’ll give you information about how to get funding from government and non-profit making organizations for your business.
Best Small Scale Business Loans & Grants for Immigrants
The US Small Business Administration (SBA) is a government organization that provides help and support for small scale business owners to grow. Get loans, expert suggestions, information on federal government contracting and home & business disaster loans. An entrepreneur can learn how to get started with the business and get funds to expand business on a larger scale. They also help applicants in a unique situation to qualify for financing, such as
Loans for Naturalized Citizen – Naturalized citizen are those who are born an alien, but lawfully become a resident in the United States. The SBA group does not charge any terms and conditions for a naturalized citizen. You can apply easily but make sure to mention it in the SBA form 1919.
Loans for Lawful permanent resident – The SBA provides loans for immigrants to start a business if the applicant holds a permanent resident card such as a green card, valid immigration visa and Customs Border Protection Stamp that certifies legal residence.
Loan for lawful non-permanent resident – Although a government agency, the SBA provides financial assistance for non-resident US immigrants having a work visa thoroughly certified by the US government.
Loan for refugees and asylees – Immigrants such as refugees and asylees are also eligible for small scale business loans from SBA as long as they have a permanent resident certificate.
SBA highlights outstanding entrepreneurs, small business owners, and other forms from all 50 states and U.S. territories.
PS: For Muslim, please avoid loan with interest rate! It’s RIBA!!
Business Development Grants
Many federal and state government organizations offer special grants for non-resident people. Business development grants are one such initiative taken to provide specialized services to the applicant. If you are desperately searching for grants for immigrants to start a business, this program added advantage over basic financial help. The applicant can get technical assistance with access to capital, business training and management assistance. This program is available for socially and economically disadvantaged applicants, who own a small business in the location. Any African, Asian-American and Hispanic-American are not eligible for the grant. Feel free to gather some information about the business development grants and then send an application.
Microenterprise grants for refugees
The US government has provided special grants for immigrants to start a business. The Department of Health and Human Services created the Microenterprise development program for refugees and immigrants; it helps them to start a new business in the USA or expand across international borders. The MDP provides financial aid to non-residents entrepreneurs, with the additional benefit of micro-loan up to $15,000 in some cases, where the applicant has a revolving line of credit. Moreover, this program provides support services such as business planning, skill development, training and much more.
Discretionary Grants for Refugees and New Entrants
The US Department of Health and Human Services provides grants for immigrants, with a specific motive to lower the number of immigrants who require assistance and creating new job possibilities for immigrants in a different sector. This grant is uniquely created to provide education and information to immigrants in financial matters. They also provide consultancy in making marriages stable and happy. Basically, the HHS’s microenterprise Development program is completely geared towards helping immigrants with the resources and expertise required to start a new business or make an extension to the existing one. They provide proper guidance on marketing, management, bookkeeping and more. This special grants for immigrants to start a business are extremely helpful and worth considering if you are looking for one near you. Apply online, no documentation are required, but the applicant needs to qualify for certain special categories. Search online and know more about it.
Rural Business Development Grants
The US Department of Agriculture and Rural development provides free grants for immigrants to start a business. If you are staying in a remote location and thinking about starting a small-scale business, then this program offers financial assistance up to $1million for companies, having fewer or at least 50 employees in total. This program also includes training and assistance with working capital, real estate and others. If you request for small grants from the US department, the chances of success are more. You can check the general eligibility criteria from here.
Wilson/Fish programs for refugees
This is a program run under federal government by the US Department of Health and Human Services, particularly by the Office of Refugee Resettlement. A participant in the Wilson/Fish program is awarded cash, medical help, English language training and services. They give special attention to skill training, job development and get access to business licensing. But, before applying for the Wilson grants, know about the eligibility criteria. See full details of eligibility here.
Additional resources on getting grants and loans for immigrants
When you search for business grants, you will find a list of information. But, that information is not specific to the grants for immigrants to start a business, unless, you look for special assistance for immigrants and refugees. Look closely to the government programs provided for immigrants, refuges and asylees.