We often speak of the fact that small businesses are the engine that runs the U.S. economy. I am sure this comes as no shock to anyone, but we are not alone. After all, small businesses make up 99.7 percent of U.S employer firms and 64 percent of net new private-sector jobs. The international economic landscape is very similar to that of the U.S. The majority of economies worldwide are largely comprised of small businesses that drive economies (49 percent contribution to Global Value Add) and create jobs (63 percent of global employment).
It is this commonality that underscores why so many immigrants in the U.S. become entrepreneurs. An SBA study, published in May 2012, concluded that immigrants “have higher business ownership and formation rates than non-immigrants. Roughly one out of 10 immigrant workers owns a business.” We see similar trends in our work at Accion.
And it’s no surprise that a significant amount of the money earned by these small business owners is frequently sent back to family members still living in their countries of origin. According to the World Bank, in 2011 nearly $51.6 billion was sent in remittances from the U.S. This connection—financial and cultural—between small business owners here in the U.S. and internationally is both powerful and an opportunity to be leveraged.
To read the entire article, visit The Huffington Post.
Ghost written by Jane Garcia Buhks for Gina Harman.