Integration Institute: Financial Resources

For Financial Partners and Lenders

● The FDIC offers the free Money Smart course, to help banks fulfill their obligations under the Community Reinvestment Act by training adults outside the financial mainstream how to enhance their money skills and create positive banking relationships: http://www.fdic.gov/consumers/consumer/moneysmart

● A Forbes article on the importance of investing in immigrant entrepreneurs, "The Implications of Immigrant Entrepreneurship": http://www.forbes.com/2007/07/02/immigration-india-china-ent-law-cx_kw_0703whartonimmigration.html

● The Federal Reserve Bank of Chicago's Center for the Study of Financial Access for Immigrants has published information on best practices, industry approaches to reaching the immigrant market and community innovations in moving immigrants into the financial mainstream: https://www.brookings.edu/papers/2004/10_financial_immigrants_singer.aspx

● The 2010 Kauffman Report on entrepreneurship offers research on the importance of immigrant entrepreneurs: http://www.immpreneur.com/wp-content/uploads/2011/12/Kauffman-2010-Report.pdf

● The Small Business Association's report on the contributions of immigrant entrepreneurs to the U.S. economy: http://www.immpreneur.com/wp-content/uploads/2011/12/SBA-report-on-contribution-of-immigrant-owned-businesses.pdf

● New York City's Economic Development Corporation recently sponsored a business plan competition offering $100,000 to immigrant-owned and operated small businesses: http://www.nycedc.com/SupportingYourBusiness/EntrepreneurshipInnovation/ImmigrantEntrepreneurInitiatives/Documents/THRIVE_infosession.pdf

● A popular service not yet available in Massachusetts is the community-led credit-scoring model pioneered by the Hispanic National Mortgage Association in San Diego, CA: www.hnma.com

● The Fedwire Funds Service can be used by banks to send and receive remittances through a high-speed electronic payment system: http://www.frbservices.org/Wholesale/fedwirefunds.html

● The following vendors partner with banks to offer worldwide money transfers, including online remittances and turn-key remittance products:

● Ikobo: www.ikobo.com

● Arias: www.ariasfs.com

● Xoom: www.xoom.com

● Western Union: www.westernunion.com/info/osMoneyTransferD2B.asp

● Moneygram: www.moneygram.com/Market/Market.htm?CC=US&LC=EN

For Immigrant Entrepreneurs and Borrowers

Banking Resources for Consumers and Entrepreneurs

● Basic Banking for Massachusetts, a voluntary program intended to expand people's access to bank products and services: www.masscommunityandbanking.org

● Basic information for consumers on Individual Development Accounts (IDAs), matched savings accounts that allow people to save, build assets and enter the financial mainstream: www.cfed.org/focus.m?parentid=31&siteid=374&id=374 and www.massassets.org

● The Massachusetts Financial Literacy group is an online community supporting financial education opportunities: http://groups.yahoo.com/group/MassFinancialLiteracy

● Individual Tax Identification Numbers (ITINs) allow immigrants without social security numbers to pay taxes confidentially and build a credit history. For information on how to apply for an ITIN: http://www.irs.gov/individuals/article/0,,id=222209,00.html

● The HarborOne Credit Union in Brockton, MA hosts a MultiCultural Banking Center to help move people into mainstream banking products: https://www.harborone.com/multicultural-banking-center/multicultural-about/

● Mass Saves is a website with links to many other helpful banking resources for Massachusetts residents: www.MassSaves.org

● Banking On Our Future is an online education program focusing on banking, budgeting, credit, investments and savings and checking accounts: http://www.operationhope.org/smdev/

● The National Credit Union Administration is available online at: http://www.accessacrossamerica.gov

● The Boston Redevelopment Association's Back Streets program, designed to support light industrial and commercial businesses: http://www.bostonredevelopmentauthority.org/econdev/Backstreets.asp

● Success Measures is a program geared toward providing financial education for consumers: http://www.nw.org/network/neighborworksprogs/successmeasures/default.asp

● The Neighborhood Economic Development Advocacy Project (NEDAP) leads an Immigrant Financial Justice Network, which works to eliminate barriers for immigrants: http://www.nedap.org/programs/ifjp.html

What documents are required to open a bank account?

● Acceptable personal identification documents include a valid photo ID and proof of your current address (a social security number is NOT required and under the US Patriot Act, banks are not required to know to know the immigration status of their customers ).

Resources for Entrepreneurs

● The Massachusetts Office of Small Business and Entrepreneurship: http://www.mass.gov/hed/economic/eohed/bd/agencies/osbe/

● The Federal Home Loan Bank of Boston's Community Development Advances are available for people to access capital for small businesses: http://www.fhlbboston.com/communitydevelopment/fundingprograms/cda/index.jsp

● A website which "helps immigrants build their American dream" and is geared specifically toward immigrant entrepreneurs in the U.S.: http://www.immpreneur.com

● The Boston Entrepreneurs' Network organizing page is online at: http://www.boston-enet.org/

● One of the most comprehensive online sites for all entrepreneurs is: http://www.entrepreneur.com/

● An important new initiative is the U.S. Citizenship and Immigration Services "Entrepreneurs in Residence" program:http://www.uscis.gov/portal/site/uscis/menuitem.5af9bb95919f35e66f614176543f6d1a/?vgnextoid=bd537158910e2310VgnVCM100000082ca60aRCRD&vgnextchannel=68439c7755cb9010VgnVCM10000045f3d6a1RCRD

● The Springfield Business Incubator is a facility with rental space for small businesses and start-ups: www.stcc.edu/sec

● The Enterprise Center at Salem State College provides resources and information for entrepreneurs on Boston's North Shore: www.enterprisectr.org

● The Western Union Foundation supports immigrant entrepreneurs through its diaspora development project: http://foundation.westernunion.com/ and http://www.diasporamarketplace.org/

● The Worcester-based Martin Luther King, Jr. Business Empowerment Center serves as an incubator for central Massachusetts start-ups and small businesses: www.mlkj-bec.org

● The Massachusetts Office of Business Development houses the Boston Loan Development Corporation: www.cityofboston.gov/business/eco_dev.asp

● The Massachusetts Small Business Association: www.sbamassachusetts.com

● Boston SCORE is a business counseling service working in partnership with the U.S. Small Business Association: www.scoreboston.org

Access to Capital

● Information about the Massachusetts Banking Partners Small Business Loan Program is also available online at: www.masscommunityandbanking.org

● The Massachusetts Capital Access program's mission is to provide financing and financial services for growing companies: www.mass-business.com

● The R.E.A.L. (Relevant, Effective, Asset-Building, Loyalty-Producing) Solutions national credit union initiative, designed to foster and promote new and innovative financial services: http://www.ncuf.coop/home/programs/realsolutions/realsolutions.aspx

● Angel Healthcare Investors is a group of executives and entrepreneurs investing in life sciences and healthcare companies: www.hcangels.com

● Bay Angels Investment Group provides early-stage funding to high growth companies in southern Massachusetts: www.bayangels.net

● ACCION USA is a microfinance institution with programs specifically targeting immigrant entrepreneurs: http://www.accionusa.org/home/small-business-loans/about-our-loans.aspx

● Hub Angels investment group supports companies in financial services, healthcare, water treatment and biotechnology: www.hubangels.com

● Launchpad Venture Group provides start-up loans exclusively to Boston-based companies: www.launchpadventuregroup.com

● River Valley Investors focuses on companies in Western Massachusetts: http://rivervalleyinvestors.angelgroups.net/

● Walnut Venture Associates provides start-up investment funding: www.walnutventures.com/site3/home.html

● Federal grants for small businesses advancing technology are provided through the Small Business Innovation Research Program and the Small Business Technology Transfer Program: www.sbir.gov

● The Program for Investment in Micro-Entrepreneurs works specifically with low-income entrepreneurs looking tp expand their businesses: www.sba.gov/financialassistance/prospectivelenders/prime/index.html

● Beacon Angels investment group focuses on small high-growth companies: http://beaconangels.com

● Boston Harbor Angels investment group specializes in companies in high-tech fields such as medical devices, business products, IT, internet and aviation: http://bostonharborangels.com

● Boynton Angels investment group works with Worcester-area businesses: www.boyntonangels.com

● Common Angels investment group focuses on high-tech companies: www.commonangels.com/home.html

● There is a Massachusetts state fund which provides grants for training of employees working in small businesses: www.gbmp.org/massachusetts-workforce-training-fund-grants.html

● Microloans may be available at these Massachusetts financial institutions:

● Dorchester Bay Economic Development Corporation: www.dbedc.org

● The Economic Development Industrial Corporation of Lynn: www.ediclynn.org

● The Economic Stabilization Trust: www.commoncorp.org/trust/index.html

● South Eastern Economic Development Corporation: www.seedcorp.com

● The New Bedford Economic Development Council: www.nbedc.org

● The Western Massachusetts Enterprise Fund: www.wmef.org