Art Feltman of nonprofit International Hartford is gearing up for this summer’s One World Market, an international food court and performance space meant to stimulate the local economy, and promote immigrant entrepreneurship.
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As Hartford gets into the swing of summer, the Old State House plaza will for the first time host One World Market, an international food court and entertainment space open for the season.
The market, which first opened in the summer of 2015, is run by nonprofit International Hartford, which was co-founded by Art Feltman with the goal of stimulating the local economy and promoting immigrant businesses.
Operating Wednesdays outside Hartford Hospital and Thursdays at the Old State House, the outdoor food court serves as an incubator for eight fledgling immigrant entrepreneurs who will showcase their cuisine, Feltman said.
Vendors include Munchers, East-West Grille on Wheels, Rockin’ Chicken, Bombay Olive, Samba Cuisine, Naturally Smooth and 2YourHealth.
“The immigrant sector of our economy is highly dynamic,” Feltman said. “Immigrants are twice as likely as native-born Americans to start businesses, and startups yield 40 percent of new jobs. They are a powerful engine of economic growth.”
What is the biggest misconception about refugees and other immigrants in business?
The biggest economic misconception about immigrants and refugees is that they depend on government largesse. In fact, it’s the opposite.
Refugees, for example, get six months of help before being cut off. Immigrants who aren’t permanent residents aren’t entitled to any help. It’s sink or swim for them, just as it was for my ancestors.
How prevalent are immigrant-owned businesses in Greater Hartford?
As of 2012, close to 7 percent of the city’s foreign-born adults own businesses, nearly twice the rate of native-born city residents.
On average, urban entrepreneurs earn more: incorporated business owners make 40 percent more than city residents who work for others. In metro Hartford, immigrant entrepreneurs drive nearly all net commercial growth on suburban Main Streets and on cities’ neighborhood arteries.
Although Hartford immigrants are more entrepreneurial than native-born residents, they still underperform the 10.5 percent national immigrant business ownership rate.
Cities that invest in immigrant entrepreneurship — like New York, Philadelphia, Minneapolis — push their immigrant business ownership rates well into the double digits, creating jobs, removing blight, paying taxes and buying from local suppliers.
What resources are the most challenging for entrepreneurial immigrants to find?
One of two barriers most foreign-born entrepreneurs face is lack of financial resources. They’ve come to build up savings, and are working multiple minimum-wage jobs. Lenders tell them to borrow equity from “friends and family,” but their friends and family are recent arrivals, too, in the same position.
Speaking 50 languages, they are challenged to fill out government forms — written in English — to get permits and make their business legal.