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Financial Success for Hispanic Immigrants in The Bronx

Many immigrants that live in The Bronx are of Hispanic descent. In fact, more than 50 percent of the Bronx population identifies as Hispanic.
This makes The Bronx the most diverse area in the United States, according to the 2010 U.S. Census.
The Bronx is home to an array of opportunities for financial empowerment for Hispanic immigrants. With the borough’s diversity comes success for Hispanic businesses, citizens and immigrants. But where do you begin?

 

Starting a Business as a Hispanic Immigrant

The Bronx is the perfect place for a Hispanic immigrant to start their own business.
The NYC Small Business Resource Center provides access to workshops and valuable tools that can provide a Hispanic immigrant with every tool necessary to launch their startup.
There are also workshops available for those who want to gain experience with starting their business. A free monthly session hosted by the NYC Business Solutions Center can help you develop your business plan; the next session is on Tuesday, August 7th.

Effective Credit Building Practices for Hispanic Immigrants

If you’re a Hispanic immigrant that’s yet to build credit, there are many ways to get started.

The most important step to start building credit is to obtain a Social Security Number. This will allow you to, with time, eventually open a credit card.
Credit counselors recommend keeping the amount of credit cards you open at a minimum. You should also pay them off routinely to keep yourself out of debt. The most recommended method of paying them off is doing so monthly, paying at least the minimum balance. This helps to keep your credit score in good standing so that you have a better chance of being able to take out loans or buy a home in the future, not to mention opening future credit cards.

Financial Programs for New Immigrants

There are many programs available for immigrants who find themselves in need of financial assistance.
Food costs can make for an budget, especially for immigrants with little cash reliability. Supplemental Nutrition Assistance Program (SNAP) benefits are available for certain immigrants as defined by the USDA.
For those specifically in The Bronx, adults may be eligible for Medicaid coverage. This will reduce medical costs for hospital visits that often come out of pocket. A full list of medical benefits available to new immigrants can be found in the NYC Human Resource Association’s Public Benefits for Immigrants guide.

Provident Loan Society Speaks Your Language

The Provident Loan Society branch in The Bronx literally speaks your language. English and Spanish-speaking staff members on hand can help you secure instant cash for your collateral.
Provident Loan Society does not check credit scores for loans. Just bring in your collateral, agree on a price up to $100,000, and be on your way in minutes with your instant cash loan!
For a full list of locations, check out Provident Loan Society online or call them toll-free at 1-800-757-7296.