Amy Stratton is the Institute for Agriculture and Trade Policy's Rural Communities Organizer. She works to find viable solutions to economic and environmental challenges rural communities face. "In the Field" is Amy's blog from her travels throughout the Midwest.
"Immigrants far outpaced native-born American's in entrepreneurial activity last year..." reported the Kauffman Foundation. Immigrants are revitalizing rural main streets, providing cultural goods and services and improving their quality of life. But for some, it is not easy to secure business financing. And those who follow Islamic Law must not collect nor pay interest.
Fortunately, the City of Minnepolis recognized the need for small interest-free business loans. Working with organizations such as the African Development Center, who originally started the interest-free finanicing program, the city started a new project to meet that need. A Star Tribune article Small businesses to get help from new loan plan tells more about the program for business financing.
In order to avoid interest on business loans, rural Somali immigrant business owners have had to raise money locally from their community members, and others have created businesses with so many business partners providing funds that decisions could not be made effectively. I imagine a Midwest regional (or larger-scale) interest-free loan program, similar to that of the City of Minneapolis and the African Development Center, could help many immigrants in our rural communities develop their businesses and revitalize rural main streets.
Futher Information on micro lending
Further information on Islamic banking
Sounds like they are doing it the old fashion way. THrough friends and family.
Posted by: Fred | Monday, January 07, 2008 at 01:12 PM