Increased Minority-Focused Support Available for AAPI Small Businesses

Li Ma was a senior scientist at AstraZeneca before she launched her Japanese restaurant. Now, nearly three years have passed since Ma embarked on the challenge of running her own catering business. The scientist-turned-restaurant owner has finally reached the point of breaking even, thanks to an increase in customers and support from her Asian American and Pacific Islander community.

With backing from organizations like the National Asian and Pacific Islander American Chamber of Commerce and Entrepreneurship(National ACE) and the U.S. Small Business Administration, AAPI small business owners, like Li Ma, receive funds and networking support.

These assistances help them overcome challenges ranging from anti-Asian hate to accessing resources to scale their businesses. Local lawmakers, especially those who are part of the AAPI community, are also actively involved in assisting AAPI small businesses to thrive through legislation.

Ma’s Japanese restaurant, Ranken Noodle House, made its debut in the summer of 2021, amid a world still grappling with the pandemic. While Ma has confidence in her food and drinks, she feels less certain about managing a small business.

Ma explored multiple resources, seeking aid from federal to local sources. However, most of her efforts proved futile until National ACE reached out to her, providing financial support without the burden of exhaustive paperwork requirements.

In the summer of 2021, National ACE partnered with Grubhub to launch the AAPISTRONG Restaurant Fund, which aims to support struggling AAPI-owned restaurants. Over the past two years, Ma has received funds from this program twice, totaling $75,000, which helped her navigate through the toughest early days. “That helped me a lot to pay my employees and do some changes, like expanding my business. That’s very appreciated. They make efforts to help my small business grow,” said Ma.

Ma held various roles, such as global tech transfer, during her tenure at AstraZeneca. One of her most notable achievements is her significant contribution to the development of the COVID-19 vaccine during the pandemic. However, despite her extensive career in the pharmaceutical industry, Ma prioritizes promoting healthy eating habits to prevent illness rather than treating it. The idea of running a restaurant featuring organic ingredients and authentic Asian cuisine has always been her dream. After accomplishing this remarkable milestone, Ma said she had reached the pinnacle of her role in science. So she decided it was time to try something new, like launching a restaurant. PingpingYin/Yuan Media

The federal government is also taking steps to drive change and encourage action among AAPI-owned businesses. For instance, the U.S. Small Business Administration backed 7,500 loans for AAPI-owned businesses, totaling over $6.4 billion in Fiscal Year 2023, a 41% increase from last year, according to Larry G. Webb, its District Director.

“So there is money out there. There are opportunities out there. And please take advantage,” said Webb, encouraging AAPI business owners to reach out at a networking event.

Larry G. Webb, District Director of U.S. Small Business Administration. Pingping Yin/Yuan Media

Money means a lot, but AAPI business-focused organizations offer more than just financial assistance. They provide business management training, such as T.H.R.I.V.E. Emerging Leaders Reimagined, and access to resources at the federal, state, and local levels to empower AAPI business owners to grow and succeed.

They also host networking events to assist AAPI business owners in connecting with policymakers.

On March 22, National ACE initiated an AAPI Small Business Roundtable in the DC area. They invited stakeholders from the federal government, minority-focused nonprofits, financial institutions such as Wells Fargo, and tech companies like Amazon. They aim to hear from AAPI business owners, offer resources, and collaborate to address their challenges and issues.

Participants shared their business experiences and asked questions on different topics, such as subcontracting opportunities, the potential to waive collateral, and concerns about bureaucratic processes.

During the roundtable, Patrick Ho, owner of a company that develops lithium refining devices, expressed frustration with Maryland's new tax connect system. He said the verification process has become overly complicated, causing their accountant to spend significantly more time on tax and accounting tasks than in previous years. Local lawmakers, such as Virginia House of Delegate Adele McClure, also attended the roundtable. She is a Filipino American and the first Asian American Delegate for the Virginia House of Delegates District 2.

“Any piece of legislation that impacts minority-owned businesses and procurement. I see that legislation,” said McClure, expressing their willingness to address the issues through legislation, “We really need to hear your voices.”

Adele McClure, a Filipino American, representing Virginia House of Delegates District 2. Pingping Yin/Yuan Media

Virginia State Senator Saddam Azlan Salim, a freshman lawmaker and a Bangladesh American, said it’s essential for AAPI business owners to connect with local economic development chambers. He added that his office can offer guidance and support in this regard.

“Here we are the resource. If you can't get a hold of them, contact us, email us. Our offices will reach out to them and get you in contact, ” said Salim, “So use us as resources. We are as important as you are,” he added.

Chiling Tong, President and CEO of National ACE, said the roundtable aims to ensure that various stakeholders hear the voices of AAPI business owners.

“We have a Senator, we have Delegates from the state of Virginia. And they have heard our concerns and issues. They will bring them back to the state government. And for us, we will also share this with the White House, federal agencies and also congressional leaders,” Tong said.

In addition to these roundtables held in areas with significant AAPI populations around the country, there will be a nationwide 2024 National AANHPI Business Summit in mid-May. The summit will focus on navigating access to capital, AI, and contracting.