On January 27th 2017, President Trump took on a divisive strategy in signing an executive order to increase deportations and immigration control. The reaction from our clients and stakeholders was immediately apparent:
“Can I still get a loan?”
“Will I be deported?”
“What does this mean for my customers or employees?”
“What about my children?
While many of these legitimate concerns will likely lead to lenders freezing loans to immigrant business owners . . . Camino Financial will be DOUBLING its efforts to lend to undocumented immigrants.
Today over 70% of our loans are disbursed to immigrant- and minority-owned businesses, also known as ITIN holders (Individual Tax Identification Number). In response to Trump’s immigration executive order, Camino Financial will take executive action to reinforce its 100% inclusivity policy to lend to ALL immigrant-owned businesses, regardless of owner’s legal immigration status.
Now more than ever, our purpose for “NO BUSINESS LEFT BEHIND” must hold true to foster continued growth by immigrant-owned businesses.
We understand how vitally important immigrant-owned businesses are to the U.S. economy (read NPR article by Sean Salas). Among Latino-owned businesses, we estimate 500,000 to 800,000 are owned by undocumented immigrants. These businesses are tax payers and job contributors. Without them, our community would suffer the absence of key entrepreneurial ambitions that passed onto future generations. We simply cannot afford to stand on the sidelines without taking action.