51
attractive. My customers care about prices not how the place looks
like
”
. (Case 5)
“
I was doing a business before in Nepal and it was going down so I
ended up investing all I had left by the closing of that business.
”
(Case 3)
“
I got loan from my co-ethnic friends here but most of what I
invested came from selling all I used to own in Pakistan. I struggled
with startup capital if I had more access
to startup capital it would
have been better
”
. (Case 2)
“
I had no access to startup capital except the loans I took from
friends and family. I personally believe that having an excess startup
capital wouldn
’
t make much difference
”
.
(Case 1)
4.8 Emergency Loans
Proposition No 4: The higher
the degree of access to
emergency loans, the better the survival of the business of the
necessity immigrant entrepreneur
Result: Proposition 4 has been partially confirmed. Among our interviewees,
only 1 immigrant entrepreneur confirmed that he has access to emergency
loans among his friends and family. He told that
he is confident to access
those loans in the time of need if the odds go against the business and the
business performance drastically declines. On the other hand, 4 of the
immigrant entrepreneurs said that they don
’
t have any access to emergency
loans from bank or personal contacts. They confirmed that due to no access
to emergency loans they have been saving money for the rainy days.
52
4.8.1 Reasoning behind partial confirmation of emergency loans as a survival
factor
Most of the participants denied having access to emergency loans and they
gave the following statements:
“
I don
’
t have any access to emergency loans but I think it is very
important for the survival of immigrant
entrepreneurs so I took an
initiative of creating Korean Foundation which was more like a
rotating credit association to lend money to immigrant business
owners but specifically those India, to help them in times of cash flow
crisis. We had almost 150 immigrant entrepreneurs who signed up for
it and the main purpose was to get it legally register so that it can be
an official platform for immigrant entrepreneurs to seek help from. It
is still in the process and we are looking forward to its registration so
that another existing body that is supposed to be supporting
immigrant businesses can be removed
from Korean government
’
s
panel because they are not actually supporting businesses
”
.(Case 1)
“
I believe no one but myself to deal with situations when cash flow
goes down or an emergency monetary need arises. I hate taking loans
so I would prefer to sell a luxury than asking from others so I guess I
don
’
t need loans but if there is a credit association that offers lower
interest rates I would probably sign up for it because nobody knows
when hard times can hit the business.
”
(Case 5)
One of the participants showed more confidence to overcome shortage of
cash flow than actually having access to emergency loans. He made the
following statement
“
I have no access to emergency loans but
I am diligent at keeping
record of the cash flow so I guess my micromanagement will help me
to prepare for the unfavorable situations in advance. If I would have
53
access to emergency loans that would definitely help me in many
ways but I have no hope that such a platform would be created in the
recent coming years.
”
(Case 4)
Similarly, another participant made the following statement:
“
I am confident at my troubleshooting skills but to be honest, I have
no access to emergency loans. I will appreciate a lot if government
can create such an institute although I have heard of some
organizations supporting some immigrant
communities but they are
concentrated on a specific ethnic group not for immigrant
entrepreneurs in general.
”
(Case 3)
On the other hand, one participant confirmed the access to loans:
“
Of course! I have access to loans because I have my community who
supported me right from the beginning when I didn
’
t have anything.
We are like one big family and we support each other without thinking
twice. I have full confidence that
if I ever fall, my community will step
forward to rescue me in my bad business days. I also think if there is
credit organization many immigrant entrepreneurs who wish to settle
down in Korea would have to less struggle than I did so making a
formal platform would work better.
”
(Case 2)
4.9 Education
Proposition No 5: The higher the education level of the
necessity
immigrant entrepreneur, the better the survival
of his or her business.
Result: Proposition 5 as a survival factor confirmed. Among all the
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