Columbus Ohio has more than 400 Somali owned businesses. The businesses vary in size, revenue, and the number of employees. Here is a synopsis of some types of businesses:
Malls: Global Mall, Jubba Mall, West Site Mall, Banadir Mall, Westland Mall, Universal Marketplace, Aaran Discount Market and more.
Restaurants: African Paradise, Banadir Cuisine, Cananley, Darbo Restaurant, Iftin Restaurant, Bilan Restaurant, Calanley Restaurant, Banadir Restaurant Capital Café, Safari Café and others.
Other types of businesses include: cleaning companies, track/transportation companies, travel agencies, cab companies, auto sales dealerships, auto service shops, home healthcare agencies, retailers, barber shops, communications dealers, employment service agencies, money transfer and check cashing, gold dealers, charter schools, and nonprofit community support groups.
Somalis buy goods and services from local businesses to the tune of hundreds of millions of dollars annually. They buy properties, cars, trucks, businesses and other commodities.
All these businesses and individual employees pay federal, state and local taxes on their incomes and on the commodities they purchase.
How do Somalis get all the money for starting these businesses you may ask! Somalis use an effective method of wealth accumulation which is compatible with their faith and culture. According to their Islamic faith, it is not allowed to charge or pay interest on money. If they borrow money, they are expected to pay back the same amount without incurring any interest. This facilitates investment and creation of new businesses.
Money is usually borrowed from friends or raised in a Somali system that pools resources together known as “Ayuuto” or “Shaloongo” where a number of people, usually 10-15, save a portion of their incomes every month or every pay period. For example, each of the 15 individuals saves $500 total amount becomes $7,500 which is given to one person who is ready to start business or invest the money. The process goes on for 15 months until everyone of the group gets paid $7,500. If this group wants to start a business together, they can raise $112,500 in fifteen months to start a business!