A 2015 study by the Fiscal Policy Institute found that in Providence from 2000 to 2013 the number of Main Street businesses – which was defined as the kinds of shops and services that were "the backbone of neighborhoods" – owned by U.S.-born residents declined 12 percent to 4,342. At the same time the number of immigrant-owned businesses increased nearly 50 percent to 1,411.
Immigrant business owners in Providence, which has a population that is between one-third and one-quarter immigrant, are clearly a dynamic, entrepreneurial part of the population. But they do not believe the city is doing as much as it could to help them start and grow businesses.
Providence Mayor Jorge O. Elorza, the son of immigrants, said that the city is helping immigrant business owners, through digitizing and Spanish translation of licensing and renewal forms. But he does not believe that immigrants deserve more help than native-born entrepreneurs. Advocates think more can be done.
For instance, access to capital is a major obstacle for this group of business owners, and much of that can be traced to unfamiliarity with the banking system, as well as what immigrants say is "unreasonable" credit score expectations. Education and guidance to navigating the small-business finance landscape would be particularly useful for this group.
In a city that needs as much economic activity as it can generate, Mayor Elorza needs to recognize the energy that immigrants bring to an economy. More support won't cost much, but it will yield a significant payoff. •