Asian American and Pacific Islander Community and Small Business Leaders Unite to Address Challenges and Opportunities in Nevada
[October 9, 2024, Las Vegas, NV] – The National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE), in collaboration with the Nevada Small Business Council, convened an AAPISTRONG Small Business Roundtable at the Lieutenant Governor’s Office in Las Vegas to discuss pressing challenges faced by Asian American and Pacific Islander (AAPI) small business owners in Nevada.
With 70 to 80% of Nevada's economy relying on small businesses, National ACE’s AAPISTRONG Small Business Roundtable is dedicated to connecting policymakers, corporate partners, and community members to find solutions for the barriers that minority-owned small businesses encounter. AAPI small business owners and entrepreneurs have often been excluded from discussions surrounding policies and legislation that directly affect their ability to start, sustain, and grow their businesses.
Notable participants included Lt. Governor Stavros Anthony; Las Vegas City Councilwoman Victoria Seaman; Assemblyman Duy Nguyen; Rudy Pamintuan and Sarah Johnson from the Lieutenant Governor’s Office; Sonny Vinnuya from the Governor’s Office; and Saul Ramos from the U.S. Small Business Administration.
The roundtable featured discussions on key legislative initiatives, including Senate Bill 24 and Assembly Bills 98 and 274. These initiatives focus on enhancing workforce accessibility and introducing financial literacy requirements for high school students. Senate Bill 24, which would extend the prospective expiration of the Office of Small Business Advocacy, has garnered unanimous support in the Senate, demonstrating a strong commitment to the small business sector.
Participants highlighted several challenges, including access to capital, skilled labor shortages, and high interest rates. Many expressed concern that these capital restrictions harm both community health and business sustainability, underscoring the urgent need for transparent and accessible information and funding sources. The discussion also emphasized the potential benefits of measures like tax holidays to reduce bureaucratic hurdles.
The conversation also addressed the critical role of financial literacy education for future entrepreneurs. Understanding budgeting, credit, and savings was identified as vital for empowering young people and fostering a new generation of business leaders.
Additionally, the meeting showcased Nevada's potential as a destination for foreign investment, noting growth opportunities in sectors such as technology and renewable energy. The Samsung Solar Field and lithium-ion mining operations were highlighted as examples of this growth potential.
The Las Vegas gathering was National ACE’s thirty-third roundtable in 2024. This roundtable series is part of National ACE’s ongoing commitment to support minority entrepreneurs and facilitate productive conversations around the unique challenges they face. It represents a continued effort to empower AAPI small business owners and foster collaborative solutions to their unique challenges.
National ACE continues to provide tailored resources and programs aimed at helping small business owners access funding and grow their operations. To further support small business owners seeking funding, National ACE offers the Capital Readiness Program. Through the Minority Business Development Agency, they provide one-on-one business coaching with little to no wait time for appointments. Business owners can receive assistance with financial documents, business plans, and applications for funding from certified lenders. For more information, visit National ACE’s Capital Readiness Program.
###
About National ACE:
National ACE’s mission is to serve as a strong advocate of AAPI business interests and positive change on all issues that enhance and advance the goals and aspirations of AAPI business owners, entrepreneurs, and corporate leaders. National ACE strives to do this by supporting and promoting issues that impact the AAPI business community, improving the economic development and economic impact of the AAPI community, advancing coalitions, 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 or www.aapistrong.com.
About Nevada Small Business Council:
Nevada Small Business Council’s mission is to advocate for small business owners in the state of Nevada. They partner with government entities, corporations, national chambers, and organizations to provide useful resources to help grow their members' profit margins.