ENGLISH Loan fund for undocumented businesses announced

A new fund is being announced this week to provide zero interest loans to undocumented business owners and sole proprietors, those who own and operate a business, with or without employees, but because of their residency status do not qualify for federal assistance. The Mi Gente fund was created by Growing Together, a non-profit organization operating in the heart of Tulsa’s Kendall Whittier district, with the participation of several other local groups.

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Atento Capital, Tulsa Responds, and TEDC Creative Capital are other key partners in the project, with funding so far coming from the George Kaiser Family Foundation and the Charles and Lynn Schusterman Family Foundation.

“We were hearing serious stories of challenge and pain in our undocumented immigrant community as a result of this crisis,” said Kirk Wester, Growing Together’s Executive Director. “They were many of the first to be hit with the challenges, the loss of employment, the loss of revenue, and that pain and challenge continues to grow.”

Wester said that not only did the group see a lack of support for undocumented business owners and workers from the federal government, but “most commonly an explicit exclusion of support.”

Growing Together conducted a survey of local immigrant families, and learned that the financial impact of the COVID-19 pandemic was indeed taking its toll on an already vulnerable community.

“Of those that owned a business, nearly half of them had already been affected, and a large percentage of them were not eligible for aid,” Wester explained.

And so this group of civic minded organizations came together to create the Mi Gente fund to fill the void left by state, local, and federal sources such as Small Business Association (SBA) loans, which cannot be obtained by any business with more than 20% ownership by an undocumented individual.

The Mi Gente fund targets Latinx, undocumented immigrants who live within the city limits of

Tulsa and either own a business or are in private business for themselves.

The loans are zero interest, require no collateral, and repayment will start after six months and might be allowed to be spread over several years.

Wester said that applicants who working under an ITIN and who have a pre-established business with documented cash flow can apply for up to $15,000 or three months of demonstrated loss of revenue, whichever is lower.

“But that isn’t the case for everybody,” Wester said, “and we certainly wanted to make sure that the large numbers of individuals who are working independently as private contractors, as housekeepers, as individuals doing daycare at their homes, these individuals that largely have been working in the shadows on a cash basis, but do in fact operate a self-sustaining business, have the opportunity to access cash as well.”

Such individuals will require two letters of recommendation and other proof of revenue, but a lot of trust will be at play in these cases and the loans to them will be limited to a maximum of $4,000.

Those wishing to apply for a Mi Gente loan can do so online and in Spanish at tulsaresponds.org/migente or by calling 918-417-1928.

Spanish speaking navigators are available to assist applicants throughout the process. Applicants may also submit questions by sending an email to migente-manager@gttulsa.org.

The fund is currently at $350,000, but additional donations are being sought with a goal of reaching at least $500,000. The above contact information may be used to arrange to make a donation.

The Mi Gente program officially launches on April 23, and is one of the first such efforts in the nation, certainly in a community the size of Tulsa. (La Semana)