(25 March 2020) – How can different stakeholders play a better role in supporting business creation by newcomers? The EMEN project has published a practical guide on access to finance for migrant entrepreneurs.
There is a broad spectrum of stakeholders influencing directly or indirectly migrant entrepreneurs. The sooner such stakeholders are able to understand the specific context in which these entrepreneurs operate, and therefore the different financing needs they have, the better they will be able to support them and to make migrant entrepreneurship sustainable.
The Discussion note on access to finance for migrant entrepreneurs, written by The Hague University of Applied Sciences (THUAS), lead partner of the Community of Practice on Access to Finance of the EMEN project, aims to:
• Present a way of looking at the micro, small and medium enterprise universe; • Describe the various stages of migration and their relation with the business development journey;
• Go deeper into the financing needs along the business life cycle, especially for migrant entrepreneurs;
• Discuss the many financing possibilities that exist for migrant entrepreneurs;
• Suggest recommendations to public authorities, trainers, coaches, mentors and staff at financial institutions to ensure that migrant entrepreneurs have realistic access to diverse financing.
The note also contains suggestions for adjusting training programmes for migrant entrepreneurs, as well as suggestions on what should be included in information packages for staff of support and social welfare organisations, and public authorities. In the annexes, examples of interesting initiatives are given, as well as a list of good practices in business development programmes, training, and pre- and post-loan consultancy services.