Can your AAPI business take advantage of these opportunities?
May is Asian American Pacific Islander Heritage Month, and there’s no better way to celebrate than shining a spotlight on some organizations that provide grants, funding, and resources for AAPI business owners.
The Minority Business Development Agency, part of the US Department of Commerce, provides programs, services, and initiatives to minority business enterprises (MBEs) to help them grow today and meet industry needs tomorrow. A national network of business centers and specialty centers provides general business assistance, as well as specialized assistance on exporting, advanced manufacturing, and federal procurement.
MBDA provided MBEs with access to over $708 million in capital in 2021. In addition, the agency helped minority businesses secure over $2 billion in contracts and helped facilitate over $330 million in export transactions in 2021.
The National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE), in partnership with UPS, offers grants through the AAPISTRONG Proudly Unstoppable Fund. US businesses that are at least 51% AAPI owned can apply for one of 27 $5,000 grants.
In addition, National ACE offers the Small Business Digital Ready Program in partnership with Verizon. This program is designed to help small AAPI businesses succeed in today’s digital world with expert coaching, peer networking, learning modules, and more. The online curriculum is free and open to any small business.
The US Small Business Administration guarantees loans, matches investors with businesses that need them, provides disaster assistance, guarantees surety bonds, and more. The SBA has several programs that focus on assisting businesses located in underrepresented communities and/or owned by minority owners. The SBA can also assist businesses with finding and winning contracts for government work.
Asian Pacific Islander Small Business Program
The Asian Pacific Islander Small Business Program offers individual business counseling, an entrepreneur training program, workshops, and business resources to small and micro businesses in Los Angeles. They focus on the Chinese, Korean, Japanese, Cambodian, Thai, and Filipino business communities. API SBC is an SBA Women’s Business Center.
Pacific Asian Consortium in Employment
The Pacific Asian Consortium in Employment (PACE) provides technical assistance, training, and access to capital for small business owners and entrepreneurs. PACE is a Minority Business Development Agency Business Center and recently received a $2.5 million, five-year grant to support minority small businesses in Southern California.
Like all businesses, AAPI-owned businesses should be sure to safeguard themselves against the risks they can’t see coming. Hiscox offers liability insurance to protect the dream you’ve worked so hard to build. Learn more about business insurance and get a free quote today.