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Economy

More immigrants start own businesses

Published onsdag 13 oktober 2010 kl 10.52

Immigrants are much more likely to start their own businesses compared to Swedes who are born here according to a new report from IFS, an organization which protects and promotes migrant entrepreneurs.

Since 2005 the number of immigrants, defined as any person born outside of Sweden, who chose to start their own businesses increased by 22 percent. Seven out of ten business owners today were born in another country and the businesses, big or small, employ an estimated 200.000 people across the country.

According to Maroun Aoun, CEO of the organisation, the increase is due to relatively new possibilities for immigrants to get financial backing and counselling.

“There have been a number of changes to help migrant entrepreneurs. One main factor is that people are starting to see possibilities through their own ethnicity… for example import or export to their home countries,” he told newspaper Svenska Dagbladet.

But there is still a problem for many immigrants to get financial backing from a bank or a company and many chose to borrow money from families and friends.

Figures from the Swedish Agency for Economic and Regional Growth also show that businesses owned by immigrants contribute to the economy both via taxes and job opportunities.

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