[Congressional Record (Bound Edition), Volume 153 (2007), Part 5]
[Extensions of Remarks]
[Page 7549]
[From the U.S. Government Publishing Office, www.gpo.gov]




       IMMIGRANT ENTREPRENEURSHIP FUELS AMERICAN ECONOMIC GROWTH

                                 ______
                                 

                         HON. CHARLES B. RANGEL

                              of new york

                    in the house of representatives

                        Thursday, March 22, 2007

  Mr. RANGEL. Madam Speaker, the Center for an Urban Future recently 
released a report titled, ``A World of Opportunity.'' The ``report 
reiterates the fact that immigrant entrepreneurs are key engines of 
growth for many cities in the United States. Every census taken from 
1880 to 1990 has revealed that immigrants were self-employed 
significantly more than American-born natives. The number of immigrant 
entrepreneurs in 2005 was 350 out of 100,000, compared to 280 of 
100,000 for those born in the United States. Research maintains that 
immigrant entrepreneurs have made positive contributions to the U.S. 
economy for more than a century.
  Nowhere are the contributions of self-employed immigrants, to urban 
economies, more visible than in New York City, where people migrate 
from almost every part of the world. Despite ethnic differences, New 
York City immigrants often arrive with an entrepreneurial 
determination. Over the past 10 to 15 years, immigrant entrepreneurs 
have fueled much of the overall growth in new businesses across the 
City and have triggered dramatic turnarounds in neighborhoods. 
Communities such as Sunset Park, Flushing, Richmond Hill and Washington 
Heights have all reaped from the seeds of growth powered by immigrant 
owned businesses. There is no doubt that Immigrants will continue to 
make significant contributions to the City's economic growth in the 
future.
  There are several reasons why immigrants start their own businesses 
and in such record numbers. The risk of a business venture appears 
comparatively minimal to the surmountable risk immigrants have already 
taken when packing up their homes and moving to a country where the 
majority of the people do not speak their native language. Another 
motivation for immigrants to open up their own businesses is the 
recognition that they can offer a variety of products and services that 
many other entrepreneurs cannot. Similarly, many immigrants prefer the 
solace that comes with owning a business instead of having to deal with 
the numerous struggles and frustrations of participating in the large 
business work force where immigrants are often discriminated against, 
paid unfairly and required to work uncommon hours.
  The stereotype that immigrant businesses represent small ``mom-and-
pop shops'' such as restaurants and local grocery stores no longer 
holds true. Immigrant entrepreneurs have a growing presence in several 
vital sectors of the New York City's economy such as: biotechnology, 
construction, food manufacturing, mass transportation, 
telecommunications and restaurant equipment sales. Every year, Inc. 
Magazine publishes what they call the ``Inc. 500,'' a list of America's 
fastest growing privately owned businesses. In 2005, 55 of Inc. 
Magazine's 500 business owners were immigrants. Collectively their 
companies employed more than 14,000 individuals and contributed almost 
$1.4 billion to the U.S. economy.
  At a time in which outsourcing and corporate mergers are on the rise, 
it is likely that small, home-grown businesses will only become more 
integral to New York City's future economic success. However, while 
celebrating these successes and contributions it is important to 
remember that many immigrants face considerable challenges when 
deciding to open a business. New York's regulatory environment can be 
daunting to any entrepreneur. The addition of language and cultural 
barriers, in many cases, exacerbate this process. Nonetheless, there 
are numerous organizations dedicated to educating entrepreneurs about 
how to start a business and overcome obstacles to growth, such as 
Seedco and the Economic Development Corporation, which offer classes on 
how to start a business, in Spanish and Chinese.
  I commend all of those who have migrated to the United States in 
search of the American dream, pursuing happiness by establishing their 
own businesses and contributing positively to the fabric of our 
country's economy.

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