LA Fights Back Against Immigrant Business Funding Cuts.
California has long been built by immigrants, and a new partnership in Los Angeles is making sure that legacy continues no matter what. When recent federal changes restricted access to Small Business Administration loans by limiting them to United States citizens and shutting out the hundreds of thousands of immigrant entrepreneurs who had long depended on them, the Korean American Federation of Los Angeles and the Jewish Free Loan Association stepped up immediately to fill the gap. The two organizations have teamed up to offer qualifying small business owners interest-free loans of up to 50,000 dollars that can be used for everything from rent and payroll to inventory and equipment, with an online application that takes about ten minutes to complete. The program accepts applicants using either a social security number or an individual taxpayer identification number, keeping it accessible to the full range of immigrant entrepreneurs who power California communities every single day.
Immigrant business owners are the backbone of neighborhoods all across California, and the numbers make that undeniably clear. Nearly 40 percent of the state's small businesses are owned by immigrants, and research from MIT has found that immigrant entrepreneurs are actually more likely than native-born Americans to start businesses and create the kinds of jobs that strengthen communities over time. KAFLA president Robert Ahn said that when times get tough, resources like this are exactly what communities need, and that the partnership grew out of a shared commitment to keeping California's small business community strong. In a state where the restaurants, shops, and storefronts on every block reflect the determination of people who came here to build something lasting, this collaboration is a powerful reminder that California takes care of its own.
