Rhode Island’s immigrant entrepreneurs operate at a deficit compared to the city’s broader business community. Why else would the Ocean State have the lowest percentage of immigrants who own a business as their primary employment in New England, 5.35 percent?
And contrary to what one might expect, given its size, the problem is especially pronounced in the city’s Latino community, especially Main Street businesses. WalletHub produced a report earlier this month ranking the Best Cities for Hispanic Entrepreneurs, and among the 150 that were ranked, Providence came in dead last.
It’s important not to put too much stock in such rankings, which seem to multiply in frequency every hour. But behind many of them is some truth that should give us pause.
For instance, Providence has the highest unemployment rate for Hispanics among the cities examined, 19.5 percent. It ranks second from the bottom in median annual income for Hispanics, adjusted for the cost of living, and it is third from the bottom for Hispanic purchasing power. Perhaps the unkindest cut of all is the last-place rank for Hispanic business-friendliness.
All these judgments should push the city’s leaders to forge a more supportive atmosphere for Latino entrepreneurs, who make up a greater percentage of the population and the share of small-business owners every day.
Yes, job training and government incentives are needed to attract and grow large employers here. But without a vibrant Main Street, too, the state will not achieve the broad-based progress it needs.
