Pillar 2: Investment Small Business Center
• Business Loans to $35,000 • Technical Assistance • Peer Lending Circle
II Community Development Corporation • Financial Literacy & Asset-Building • Matched Savings
• Credit Counseling
• Volunteer Income Tax Assistants (VITA) Tax Services
II Global Farm
II Home-Based Child Care Training Program After a few short years in St. Louis, many immigrants are ready to set their sights on the future. They realize that household financial stability can frequently depend on saving enough money to start a business, buy a home, or get a dependable car.
We use a combination of public and private funds to help immigrants achieve their financial dreams. The purpose of our economic development services is to improve the economic stability and future potential of immigrants, especially recently arrived refugees; generate positive economic impact to strengthen St. Louis (job creation and sales increases); and leverage public dollars by creating public-private partnerships. We offer matching savings accounts known as the IDA Program. With the matched savings, immigrants can buy or repair a home or a reliable car, enroll in post-secondary education, or start or expand a small business. Funding sources are made available through a collaborative partnership through the United Way of Greater St. Louis.
In 2011 a total of 35 accounts were opened for: Entrepreneurship Education Home Purchase Home Repair Vehicle
6% 6% 11% 20% 57%
Burmese refugee farmer sells his produce at Tower Grove Farmers Market.
Photo by Wayne Crosslin/International Institute
Economic Security for Immigrants and All St. Louisans
As a result of the collaboration with the United Way and two IDA funding cycles from the Office of Refugee Resettlement in the past decade, we have helped more than 175 refugee families buy homes at an average purchase price of $100,700. That’s more than $16 million in economic contributions that participating immigrants have made locally. They are helping to stabilize previously declining neighborhoods and otherwise strengthening our community. We also provide hands-on technical assistance and micro loans to immigrant entrepreneurs, using federal and local support. Immigrants need sound business plans and linguistically and culturally sensitive technical assistance to successfully start, strengthen, and expand businesses.
Micro loans, up to $15,000 per loan, have been provided through a grant from the Office of Refugee Resettlement (ORR), DHHS. ORR loans may be supplemented or new loans made to a maximum of $35,000 utilizing pooled loan funds in the II Community Development Corporation. In 2011, we made 29 loans for a total of $208,500 to refugees and immigrants to start or strengthen businesses. The II Global Farms Initiative debuted in October 2010 and had a successful first growing season in 2011. The three-year project, funded by the Office of Refugee Resettlement, provides job training for refugees with agricultural skills. Refugees learn about managing farmland and selling their products. Farmers sold their produce at the growing Tower Grove Farmers Market every Saturday throughout the season.
continued on page 6
International Institute 2011 Annual Report
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