Grants and Resources for AAPI-Owned Businesses
The United States government has designated May as Asian American and Pacific Islander Heritage month. Among the many achievements and contributions of AAPI to the United States is their commitment to small businesses and entrepreneurship. According to the U.S. Small Business Administration Office of Advocacy's newest infographics, which use the most recent Census Bureau data, Asian-American businesses represent a total of 2,915,200 firms, generating $988.8 billion in total sales, employing 4,946,547 people, and providing an annual payroll of $185.8 billion. Despite their success, these business owners continue to face unique challenges, particularly in the current market landscape. Following the Covid-19 pandemic, AAPI-owned businesses have had to combat not only a challenging economic landscape, but increased racism. There are several resources—loans, mentorship, education, grants—designed to help members of the AAPI community start, scale, and navigate the challenges of buying and selling businesses.
The Small Business Administration (SBA) offers various programs and initiatives to support AAPI-owned small businesses, such as the 8(a) Business Development Program and the Community Advantage Loan Program. These programs can help AAPI entrepreneurs secure financing, access valuable resources, and compete in the marketplace. However, grants remain a crucial source of funding for many AAPI-owned businesses, as they provide capital without the need for repayment, helping to level the playing field for entrepreneurs looking to launch and grow a successful business. For more information on SBA loans and financing options, check out our articles in the Buyer Learning Center.
5 Grants and Resources for AAPI-Led and Owned Businesses
There are many international, national, and local grants available for AAPI founders. Here are five resources and grants to check out. Check out grants.org for a comprehensive list of grants, scholarships, and funding available for AAPI-owned businesses.
1. AAPISTRONG Restaurant Fund
In collaboration with the Grubhub Community Fund, AAPISTRONG has established a fund to support Asian American, Native Hawaiian, and Pacific Islander-owned restaurants nationwide. The fund aims to assist under-resourced restaurants in addressing challenges such as supply chain disruptions, rising inventory costs, workforce development, and employee safety. Applications are accepted from May 1 to May 31, or until the first 5,000 applications are received.
2. APACC AAPI Small Business Membership Grant
The Asian Pacific American Chamber of Commerce (APACC) offers membership grants to business owners, with support from General Motors. This initiative aims to facilitate access to APACC membership and resources for AAPI-owned small businesses and professionals.
3. Asian Women Giving Circle
A volunteer-led group of Asian American women in New York has been pooling their resources to support Asian American women artists and community groups. Over the past 16 years, they have funded more than 100 grant projects and allocated over $1 million to various initiatives.
4. Hawai’i FoundHer
FoundHer is a 6-month program designed to help five women-led businesses grow by 100-300%. The program caters specifically to the needs of Native Hawaiian, Pacific Islander, and/or Asian women and mothers who are starting businesses in Hawai'i.
5. ACE Small Business
In 2022, the national ACE organization distributed $2 million in grants to 278 business owners to help them stay resilient and combat the increase in AAPI discrimination. Through a CARES Act grant from the Minority Business Development Agency, ACE has supported more than 16,000 businesses.
Fostering Entrepreneurship for AAPI-owned Businesses
Grants are a vital source of capital for AAPI-owned businesses and provide money and resources to ensure equity in business. By providing business owners with the necessary resources they need to buy, build, scale, and sell successful businesses, grants have the potential to build a more equitable and inclusive economy. For more tips on buying and selling small businesses, visit BizBuySell’s Learning Center .