Small Business Owners in New York City Gather at Wells Fargo’s Corporate Office to Address Resource Accessibility and Workforce Challenges

[October 2, 2024, New York City, NY] – The National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE),  in collaboration with Wells Fargo, convened an AAPISTRONG Small Business Roundtable at the Wells Fargo Corporate Offices in Hudson Yards to discuss pressing challenges faced by small business owners in New York City. 

National ACE works to connect policymakers, corporate partners, and community members to find solutions for the barriers facing minority-owned small businesses. AAPI small business owners and entrepreneurs have often been left out of the discussion when policymakers have adopted policies and legislation that impact their ability to start, sustain, and grow. 

The roundtable provided a platform for entrepreneurs to share their experiences and frustrations, particularly in the wake of COVID-19 and the increasing normalization of remote work. Attendees highlighted the ongoing difficulties in finding quality employment, which has compounded resource scarcity for small businesses. 

Notable participants included Assemblywoman Grace Lee, State of New York, District 65; Councilwoman Julie Won, New York City, District 26; Marlene Cintron, Region II Administrator for the U.S. Small Business Administration (SBA); and Roxanne Neilson, Program Director at the Manhattan Minority Business Development Agency (MBDA) Business Center. Representing Wells Fargo were Patrick Johnson, Business Growth Consultant for the Atlantic Region; Trung Tieu, Supplier Diversity Manager; and Allison Chin-Leong, Executive Director of Public Affairs.

"We have a billion ideas but not the funds to access them," expressed one nonprofit leader, emphasizing the funding struggles many organizations face. Mark Caserta from the Brooklyn Chamber of Commerce noted that the lack of trust in institutions often hinders small businesses from accessing available resources. "Since October 2020, we’ve offered the Small Business Resource Network, reaching out to nearly 45,000 businesses and assisting 15,000 of them. We’re committed to bridging that gap," he stated.

One of the roundtable leaders elaborated on this cultural skepticism, noting that many immigrant entrepreneurs encounter overwhelming information without a clear path to finding relevant support. "How do we cut through that clutter and provide credibility?" he questioned, emphasizing the need for simplified, trustworthy resources.

The discussion also touched upon the importance of business literacy. William Cheung, the manager of the newly established, first Queens branch of Wells Fargo highlighted the need for foundational knowledge among small business owners. "We are asking small business owners questions that they cannot answer," he said, advocating for educational initiatives starting as early as elementary school.

Joyce Ma from the Minority- and Women-Owned Business Enterprise (MWBE) program shared valuable resources available to small business owners, including free business assessments offered by New York City Small Business Services (NYCSBS) to help entrepreneurs navigate government contract requirements.

Participants also briefly discussed the dual-edged nature of artificial intelligence—its convenience and the concerns surrounding the reliability of AI-generated information.

This was National ACE’s thirty-second roundtable in 2024. This roundtable was part of National ACE’s ongoing commitment to support minority entrepreneurs and facilitate productive conversations around the unique challenges they face. National ACE continues to provide tailored resources and programs aimed at helping small business owners access funding and grow their operations.

National ACE offers the Capital Readiness Program to further support small business owners seeking funding to grow their businesses. Through the Minority Business Development Agency, National ACE is providing one-on-one business coaching with little to no wait time for appointments. Clients can expect to get support with their financial documents, business plan, and applying for funding from certified lenders. Business owners can learn more at https://www.nationalace.org/capital-readiness-program. 

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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 orwww.aapistrong.com.