Protecting New York City’s Immigrant Small Business Ecosystem
Across the U.S., immigrants establish businesses at significantly higher rates than non-immigrants. One study, co-authored by a Massachusetts Institute of Technology economist, found that “immigrants are about 80 percent more likely to found a firm.” In fact, in New York City alone, immigrants are more than twice as likely as native-born residents to start their own business and comprise nearly half of the city’s small businesses, representing a critical economic engine for the city.
From the smallest micro business, like New York City’s street vendors, to larger businesses and even cooperatives, immigrant entrepreneurs encounter significant and specific challenges and risks in establishing, sustaining, and growing their businesses. Lack of access to capital, linguistic exclusion, and lack of familiarity with business support structures combined with anti-immigrant rhetoric call for focused support from non-profit and philanthropic communities to improve the way we work with, support, and invest in immigrant small & micro businesses. Please join New York City Asset Funders Network on April 22, 2025 at 10:30 am-12:00 pm (in person) at Philanthropy New York to explore how current strategies in culturally competent and community based lending, legal support and advocacy, and cooperative ownership can support immigrant small and microbusinesses.
This is a funder only discussion open to philanthropic foundations, financial institutions, community development financial institutions (CDFIs), credit unions, United Ways, public sector funders. Specific focus on the New York City region.
Speakers:
Cecilia Cortes Vila, (mod) SPO, Economic Security & Justice, New York Women’s Foundation
Eben Sheaffer, CFO, Inclusive
Rosa Franco, Vice President of Lending, Inclusiv
Carina Kaufman-Gutierrez, Deputy Director, Street Vendor Project at the Urban Justice Center
Julia Jean-Francois, LCSW, PhD, Co-Executive Director, Center for Family Life in Sunset Park
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Registration is required as this is a secure facility. Please bring valid ID to check-in with security. Space is limited. Please RSVP by 4/17/2025. Additional meeting logistics will be shared with confirmed participants. If you require accommodations to fully participate in the meeting, please reach out to Paula Dworek, paula@assetfunders.org by 4/11/2025.
