Sweden: Immigrant traders shun banks

Small business owners in Sweden with an immigrant background avoid taking out bank loans when setting up their own businesses, according to a new report from the Swedish Trade Federation.

Eight out of ten trading companies use money they have either saved or borrowed from family and friends when starting out in business in Sweden.

"A lot of people have discovered gaps in the Swedish market, which has led them to introduce products or services they have experience of from their home countries," said federation spokeswoman Margareta Ternell in a statement.

Of the traders questioned in the survey, 70 percent said their business was very strongly influenced by their background.

Some 65 percent of the companies imported goods from the owners' home regions. These products include food, clothing, cosmetics, furniture, gold and textiles.

55 percent said the products they sold were not previously available on the Swedish market.

The Swedish Trade Federation is to be present the study in its entirety at a seminar in Stockholm on September 23rd.

Source: The Local (English)

See also: Amsterdam: Immigrant entrepreneurs turn to private loans

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