Refugees living abroad due to discrimination or physical danger represent a growing share of the world's migrants, yet we know little about their potential to assist households and communities back home as transnational entrepreneurs. We respond with the first broad-sample statistical study of migrant remittance effects on new business and community investment in less-developed countries with significant refugee populations. Panel data and related analyses show that remittances from migrant diasporas with higher refugee shares diminish positive new business but magnify positive community investment indicators suggesting that refugee money and ideas matter more for social rather than commercial entrepreneurship back home.