According to payroll company Gusto, immigrants have formed about around 20% of new businesses, with rates over 40% in some states.
Despite their entrepreneurial drive, immigrant business owners face steep barriers to accessing affordable funding sources, including being denied bank loans more frequently.
The data shows immigrant and minority entrepreneurs are scrutinized more heavily, leading to a nearly impenetrable barrier to capital despite strong credit scores.
Every year, about 5 million new businesses are formed, with approximately 20% owned by immigrants, which translates into a significant credit market opportunity.
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