The Land of Opportunity
This week we celebrated the Fourth of July. Hot dogs, swimming pools, fireworks – how better to ring in this annual occasion and take a few days to remember our country’s history? As I sat along Boston’s Charles River banks this Sunday evening, I couldn’t help but reflect on our country’s core principles of freedom, opportunity, and equality.
Moreover, my thoughts centered on those who come to the U.S. every day to realize the “American dream.” But we all know that U.S. soil doesn’t guarantee a life free of struggle.
Imagine two scenarios. In one, a Venezuelan women moves to Miami with her husband. She has limited English fluency and little personal savings, as her husband handles their finances. But she wants to begin a small sewing business to keep herself busy and contribute to the household income. In the second scenario, a young man comes to the United States from Ecuador. He has his Masters degree, nearly twenty years of business experience, perfect English fluency, and a hefty savings. He hopes to open a leather importing business in Boston.
Despite their many differences, these two individuals have two things in common: their lack of credit history and knowledge of the U.S. financial system. And because of these key similarities, neither can get an affordable loan.
These descriptions detail the experiences of two ACCION USA clients. Lack of credit history is only one of many challenges immigrants face when trying to access financing. Language barriers are also great, as detailed by the U.S. Government Accountability Office’s recent report, entitled Factors Affecting the Financial Literacy of Individuals with Limited English Proficiency. The report explains that language barriers can prevent individuals from understanding financial products’ terms, disputing charges or fees, managing accounts, and simply accessing financial education opportunities. Furthermore, many immigrants carry a negative correlation with financial institutions, due to prior experiences or institutional fraud and instability in their countries.
ACCION USA has many programs and services in place to address these challenges. For example, our small credit builder loans are specifically designed to help individuals with no credit history begin to build one. Our financial education workshops help immigrants understand not only how to build credit but also why building credit is important in the United States. And we continue to work closely with groups such as the Massachusetts Refugee Enterprise Achievement Program to establish ACCION USA as a trusted and reliable name among immigrant communities.
Through these programs and relationships, ACCION USA continues to help immigrants achieve the full “American dream.”
Tags: accion usa, english, Financial Education, fourth of july, immigrant, literacy, massachusetts, miami, report