Announcing Winners Of AAPISTRONG: Small Business Grant Program, 100 AAPI-Owned Small Businesses Win Grants Up to $25,000

FOR IMMEDIATE RELEASE

October 26, 2022

Contact: 

Emily Fuder, efuder@nationalace.org

Announcing Winners Of AAPISTRONG: Small Business Grant Program, 100 AAPI-Owned Small Businesses Win Grants Up to $25,000

Cash grants distributed to entrepreneurs across the country to boost AAPI small business recovery from effects of COVID-19 pandemic

AAPISTRONG: Small Business Grants are presented by National ACE and Reimagine Main Street 

WASHINGTON, DC – Today, the National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE) and Reimagine Main Street, a project of the Public Private Strategies Institute, announced the 100 winners of the AAPISTRONG: Small Business Grants program.

60 AAPI-owned small businesses have won grants of $25,000, and an additional 40 have won grants of $10,000. These cash grants are designed to help AAPI-small business owners, their employees, and the communities they serve recover from the effects of the COVID-19 pandemic. 

“We’re proud to announce the winners of the AAPISTRONG: Small Business Grant program. The AAPI-owned businesses recognized today faced significant challenges in the pandemic, from decreased demand to global supply chain disruptions, inflation, high fees, and discrimination,” said Chiling Tong, President/CEO of National ACE. “These cash grants provide significant support to help AAPI entrepreneurs overcome those challenges and thrive in communities across the country. We’re grateful to Reimagine Main Street and all of our partners for making today’s announcement possible. Now we look forward to announcing the next 100 winners of the $2 million in cash grant support.”

“AAPI-owned small businesses have been hit particularly hard by the economic and social consequences of the pandemic and often have been slower to recover,” said Tammy Halevy, Executive Director of Reimagine Main Street. “Small businesses need support as they seek to recover and grow in a period of economic uncertainty. AAPI-small businesses faced unique challenges, and that’s why we’re thrilled to be able to offer these cash grants. We are delighted to partner with National ACE and organizations across the country that serve AAPI small businesses to provide meaningful support to AAPI-owned small businesses that are critical contributors to thriving communities across the country.”

AAPI small business owners in the United States were hit hard by the effects of the COVID-19 pandemic and continue to face challenges in its wake. A national survey released by National ACE and Reimagine Main Street in May 2022 found that 72 percent of AAPI respondents reported large or moderate negative effects of COVID-19. The survey also revealed that AAPI small business owners were among the least likely to report that ‘business is back’, and some of the slowest to recover from economic disruptions caused by the pandemic. Against this backdrop, access to capital is a persistent challenge. About 40 percent of AAPI respondents lacked confidence to fund an unplanned $5,000 business expense, and over half lacked confidence they could fund the initiatives that would propel their small business to the next level, such as a marketing campaign, increasing payroll, or purchasing property or equipment.

Today’s announcement is made possible with the support and partnership of AAPI community organizations across the country and with financial support from Meta.

Reimagine Main Street, National ACE, and other AAPI business support organizations launched the AAPISTRONG: Small Business Grants program to assist AAPI-owned small businesses recover from the effects of the pandemic. The cash grants can help pay employees' wages, expand operations, renovate for new business needs, upgrade equipment, explore e-commerce offerings, and/or repair damage to the place of business. Meta provided financial support for this small business grants program. The cash grants will be reinvested back into Main Streets across America and bear fruit for many years to come.

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About National ACE

National ACE’s mission is to serve as a strong advocate of AAPI business interests and effect positive change on all issues that enhance and advance the goals and aspirations of AAPI business owners, entrepreneurs, and corporate leaders. With over 70 affiliate chambers of commerce and minority business organization partners throughout the country, National ACE strives to support and promote issues that impact the AAPI business community by improving economic development and impact, advancing coalitions and enhancing community building, and fostering the next generation of AAPI entrepreneurs and executives. National ACE provides a unified voice for the business interests of AAPIs nationally. Learn more at:  www.nationalace.org 

About Reimagine Main Street

Small businesses and their workers must rebound from the COVID-19 crisis so that communities thrive and the benefits ripple throughout the economy. We are a multi-stakeholder, cross-sector initiative focused on advancing and uplifting innovative solutions via dialogue and data to ensure that MLK Boulevards, Cesar Chavez Ways, Chinatowns, and Main Streets are at the center of our recovery. Reimagine Main Street is a project of the Public Private Strategies Institute. Learn more at: https://www.reimaginemainstreet.org/