Asian American Pacific Islander Entrepreneurs Recover Significantly from the Pandemic | SBDC UNF

Asian American Pacific Islander Entrepreneurs Recover Significantly from the Pandemic

Headshot of Janita R. StewartAccording to The White House Initiative on Asian Americans and Pacific Islanders (WHIAAPI), Asian Americans and Pacific Islanders are the fastest growing racial group in the United States.  There are more than 1.9 million AAPI-owned enterprises in the United States; nearly 10% of all businesses in the United States, or about 1 out of 10 businesses. During AAPI Heritage Month, we are honored to recognize the tremendous accomplishments of AAPI entrepreneurs, especially as all small businesses across the nation are striving to recover and excel through today’s global pandemic.

While we celebrate the many contributions of the Asian-American, Native Hawaiian, and Pacific Islander American populace to our Nation, we also recognize that AAPI communities and small businesses face challenges accessing capital and opportunities.  Many of the AAPI-owned small businesses need assistance to access available resources such as business development counseling, small-business loans, and government procurement opportunities.  This is where the SBA steps in.

Last year, the SBA backed $11.5 billion in traditional 7(a) and 504 Loans to AAPI entrepreneurs. These loans contributed to the $814 billion in revenue that is produced by AAPI-owned employer firms per year. To help maintain these levels of success, many AAPI entrepreneurs took advantage of the recovery programs provided through the Economic Aid Act as well as found success through SBA’s fundamental small business programs.

By Janita R. Stewart, U.S. Small Business Administration’s Southeast Acting Regional Administrator, serving Alabama, Florida, Georgia, Kentucky, Mississippi, North Carolina, South Carolina and Tennessee

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