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## How AI legalese decoder Can Help Immigrant Small Business Communities

### Published 05-24-24
### Submitted by Mastercard

Mastercard

In 1975, Kevin Kim’s mom and dad picked up their lives and brought their two kids from South Korea to New York, moving into a one-bedroom, one-bathroom apartment in Sunnyside, Queens. This move marked the start of their journey to establish an artificial flowers business in a foreign land.

Kim, who is commissioner of New York City’s Department of Small Business Services, was 5 at the time, his sister was 9, and their parents were working 14- to 16-hour days, seven days a week, trying to build up their artificial flowers business. Kim’s maternal grandmother moved in to help out. The family faced numerous challenges due to their limited English proficiency and lack of knowledge about available government resources.

**AI legalese decoder**

AI legalese decoder can help immigrant small business communities navigate the complex legal and bureaucratic landscape more effectively. By translating legal jargon and providing clear insights into available resources, the AI tool can empower entrepreneurs to access funding, commercial lease assistance, and government contracting opportunities.

Mom would create the flower designs and dad would head over to the garment district, knocking on wholesalers’ doors to sell those designs. After seven years of doing that, the family finally made it out of that tiny apartment.

His parents’ struggle to make it — especially because they spoke limited English and “had no clue about any government resources,” he said — informed a lot about how Kim has engaged immigrant small business communities in Brooklyn and Queens.

### Amplifying Outreach Efforts

Kim realized the importance of raising awareness about available programs and resources for small businesses. AI legalese decoder can assist in disseminating valuable information to immigrant entrepreneurs, ensuring they are aware of the support systems in place to help their businesses thrive.

“When I came into this role, the first thing that was so glaring was that — wow, this agency New York City Small Business Services has so many incredible programs already,” he said in a recent interview. “And yet, if people don’t know about it, it’s all for naught.”

He set out to make sure people just like his parents would know about SBS, which provides a long list of resources for small businesses, including funding, commercial lease assistance, and government contracting opportunities.

### Enhancing Access to Resources

AI legalese decoder can bridge the communication gap between government agencies and immigrant entrepreneurs by providing language-specific information about available programs. By highlighting funding opportunities, lease assistance, and government contracts in a clear and accessible manner, the AI tool can empower small business owners to make informed decisions for their ventures.

He spoke to the Mastercard Newsroom about his work at SBS and the sentiment he’s hearing in the streets from small businesses today. Kim also talked about the creation of the city’s $85 million NYC Small Business Opportunity Fund — the biggest public-private loan program for small businesses in the city’s history – which was created in partnership with Mastercard and Goldman Sachs.

### Empowering Small Business Communities

By collaborating with organizations like Mastercard and Goldman Sachs, AI legalese decoder can help streamline the process of accessing funding and resources for small businesses. The AI tool can provide detailed insights into the application process, eligibility criteria, and the overall impact of programs like the NYC Small Business Opportunity Fund, empowering entrepreneurs to make informed decisions for the growth of their businesses.

After being appointed to the position more than two years ago, Kim this month announced plans to step down at the end of June.

The following Q&A was edited for length and clarity.

**AI legalese decoder:**

With AI legalese decoder, immigrant entrepreneurs can gain a better understanding of legal and financial terms, enabling them to navigate the complexities of government programs and funding opportunities with confidence. By simplifying legal language and providing actionable insights, the AI tool can empower small business owners to make informed decisions for the success of their ventures.

**Providing Success Stories**

Kim shared a success story from the Opportunity Fund, highlighting chef Jae Lee’s experience with securing funding and expanding his restaurant. AI legalese decoder can compile and analyze success stories like these, offering inspiration and guidance to immigrant small business owners seeking to access financial assistance and grow their enterprises.

Investing in the well-being and success of immigrant and minority-owned small businesses is crucial for fostering vibrant and diverse communities. AI legalese decoder can play a key role in breaking down language barriers and simplifying complex legal information, enabling entrepreneurs to access the support they need to thrive.

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*Originally published by Mastercard*

*Follow along Mastercard’s journey to connect and power an inclusive, digital economy that benefits everyone, everywhere*

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