Number of Immigrant Businesses Should Rise in Wake of Executive Order

Number of Immigrant Businesses Should Rise in Wake of Executive Order

By Edward Shulman (499 words)
Posted in Immigration Law on March 04, 2015

There are (0) comments.

According to firm that provides loans to small businesses, the company currently has to turn away hundreds of applications each year because the applicants cannot comply with Small Business Administration (SBA) rules that require such loans only to go to individuals who have the legal status to work in this country.   According to many experts including Ramit Arora of Bix2Credit, New York City potentially could see a surge of hundreds or thousands of new small businesses run by owners with legal status once President Obama’s executive order is fully implemented.

Currently, immigrant-owned firms make up about half of all Main Street businesses in New York City, according to a recent report by the Fiscal Policy Institute and the Americas Society/Council of the Americas. The President’s executive order opens up a path to a legal status to an estimated 4 million undocumented immigrants nationwide, mostly those with family here. It also facilitates highly skilled immigrants to open businesses and for students already here to become entrepreneurs.

"A lot of people have to wait to start their businesses," said Mr. Arora. "They would contribute a lot to the U.S. economy." He figures that 30% to 40% of borrowers served by his Manhattan-based company—which facilitated $400 million in loans last year—are immigrant-owned firms and expects these levels will rise considerably provided the immigration measures are not blocked. 

The executive order includes an expansion of the somewhat ambiguous definition of a person of "national interest" who is therefore eligible for an entrepreneurs' visa. Under the order, that could include people who provide investor funding or otherwise show the promise of job creation, said David Leopold, a past president of the Washington, D.C.-based American Immigration Lawyers Association. In addition, the  order extends to 17 months the time that people who recently received a STEM degree are allowed to stay in the country after graduation and allows spouses of people who are here on employment visas to work.

All of these measures in the aggregate will likely give many immigrants the chance to start more businesses in the New York area and beyond.

The Shulman Law Group endeavors to ensure its clients be kept abreast of all significant developments relating to the process of immigration to the United States, including the manner in which parallel legal proceedings may impact immigrants.. Edward Shulman, Esq, founder of The Shulman Law Group, LLC is a national speaker for the American Immigration Lawyers Association (AILA).  AILA is the national association of immigration lawyers established to promote justice, advocate for fair and reasonable immigration law and policy, and to advance the quality of immigration and nationality law and practice.  In the course of Mr. Shulman's involvement with AILA, he has been dedicated to educating other immigration attorneys about the import of helping intending immigrants to navigate a new cultural system. He meticulously follows all of the developments occurring in the battle over immigration reform so that he will be prepared to effectively assist his clients obtain residency if a new system is enacted.

Comments (0)

no comments posted

Leave a comment

* denotes required field
* Email will not be published
* Used to help prevent spam

Text only, html will be removed from comment

To make the long story short - I wouldn't be here now writing this review if it wasn't for him. He fought with me and for me as if he was defending himself and not some stranger from a foreign country. I will highly recommend him - if your case has any chance at all he is the one you need.

-Immigration Client

Breaking News

SENATE REPUBLICANS PROPOSE THE "SUCCEED ACT": DACA REPLACEMENT BILL

In response to President Trump's disbanding of the DACA program, two Republican Senators, James Lankford of Oklahoma and Tom Tillis of North Carolina, unveiled a proposed bill this week which is being touted as a "conservative" approach to protecting...

read more

MULTI-STATE DACA LAWSUIT AGAINST TRUMP ADMINISTRATION

New York Attorney General, Eric Schneiderman, along with 15 other Attorneys General from around the country and the District of Columbia formally filed a lawsuit against the Trump Administration yesterday due to the termination of the DACA program. ...

read more

TRUMP ENDS DACA: WHAT DOES THAT MEAN?

Yesterday, the Trump administration formally announced the end to DACA (Deferred Action for Childhood Arrivals), a program that has protected from deportation an estimated 800,000 young documented immigrations brought to the United States as...

read more
© 2015 The Shulman Law Group, LLC. All Rights Reserved. Website Design by Hudson