National ACE’s Statement on Government’s FY22 Funding Package

[Washington, D.C. March 11, 2022]  National ACE applauds Congress for passing a historic, bipartisan omnibus package to fund the federal government through the end of the fiscal year. We commend the dedication to bolstering domestic programs that will benefit Asian American and Pacific Islander (AAPI) communities. The bill demonstrates a continued and invigorated commitment to minority businesses through expansions of the Minority Business Development Agency (MBDA), Small Business Administration (SBA), the Business and Industry Loan Program, and the Community Development Financial Institutions. These programs will increase access to capital and contracting for marginalized entrepreneurs—a central pillar of National ACE’s mission. We hope that these initiatives will promote economic equity and the growth of AAPI small businesses, which suffered devastating losses over the last two years.

Alongside minority and small business development, the omnibus package includes substantial allocations to infrastructure, digital equity, sustainability, immigration services, affordable housing, and public health. The bill grants over $550 million for the expansion of broadband services in underserved communities and $775 million for National Infrastructure Investments (RAISE/TIGER/BUILD), including grants to assist historically disadvantaged communities. It also includes full funding for the Infrastructure Investment and Jobs Act, which will facilitate transportation, broadband, energy, water, and climate resilience projects. The funding package also reauthorizes the Violence Against Women Act, provides about $14 billion in humanitarian and military aid for Ukraine, increases the maximum Pell Grant by $400, and funds President Biden’s Cancer Moonshot Initiative.  

National ACE has long been an advocate for many of these measures. It is our hope that these allocations will provide relief and support to AAPI communities that have historically struggled to access capital and contracting, putting them at higher risk of suffering from poverty and exclusion. We look forward to assisting our networks as they navigate these expanded opportunities to become more resilient and achieve economic, social, and health equity.

Further details:

$6.9 billion, an increase of $353 million above the FY 2021 enacted level, for the National Cancer Institute, including $194 million for the Cancer Moonshot; $295 million for Community Development Financial Institutions, an increase of $25 million above the FY 2021 enacted level; $173 million for financial and technical assistance grants and $35 million for the Bank Enterprise Award Program to help struggling businesses in underserved communities; renewed commitments to economic equity through an expansion of the Business and Industry Loan Program, which will enable additional lending opportunities to businesses and nonprofits in rural areas; $1 billion for SBA, an increase of $109 million above FY21, to support investments in programs to help underserved entrepreneurs access capital and contracting opportunities; $290 million, an increase of $18 million above FY21, for Entrepreneurial Development Programs, including $138 million for Small Business Development Centers, $37 million for Microloan Technical Assistance, $17 million for the Federal and State Technology Partnership Program, Growth Accelerators, and Regional Innovation Clusters; $24 million for Women’s Business Centers. 

 PDF here.