For all the supposed potential of the “American Dream,” immigrants in New York City often have a terrible time redeeming its promise. Many arrive in the United States with no financial grounding or burdened by a heap of debt; others can spend years priced out of financial credit by poverty and discrimination. Now, however, the city is allocating a little seed capital toward the long-overlooked economic potential of poor immigrant communities.
The Immigrant Bridge program of the city’s Economic Development Corporation is a pilot initiative that aims to invest in the future careers of struggling, underemployed immigrant workers who came equipped with credentials earned in their home countries but have been unable to get their foot in the professional door of the city’s labor market. A core component of the program is a special loan fund for immigrants with a college background, ranging from $1,000 to $10,000, borrowed on five-year terms, which can be used to cover any expense, including the cost of necessary licensing exams, training classes, or basic life expenses like transportation costs. In addition to the loan fund, which will be administered by Amalgamated Bank, selected program participants would engage in career development programs to place them into jobs that suit their aptitudes.
Though Amalgamated obviously has a commercial interest in the program, the union-owned bank has built up street cred as a proletarian-friendly institution, with historical ties to the immigrant labor movement. “There’s a lot of unutilized human capital here in immigrant communities… and we want them to be reaching their full potential,” says Andrew Weltman, Amalgamated’s first Vice President for Strategic Development.
The 400 participants who will ultimately be selected to participate in Immigrant Bridge reflect just a sliver of a systemic gap in the city’s economic landscape, though. Many well-educated immigrants face structural obstacles when seeking to break into a professional field, even one in which they were successful before migrating. (Nationwide data on metropolitan areas hows that the majority of immigrants hold “middle skill” or “high skill” qualifications.)
According to the New York-based think tank Fiscal Policy Institute, immigrant New Yorkers hold considerable economic clout, making up “84 percent of small grocery store owners, 69 percent of restaurant owners, and 63 percent of clothing store owners.” But even if they are technically business owners, the work can be rough and the pay low, whether you’re running a daycare business in your home or driving a cab every night. Read the rest of this entry →