The Small Business Program provides technical assistance, peer-learning, and resources to local programs that support small businesses to preserve our vibrant neighborhoods.
AAPIs have long pursued self-employment and small business ownership as a pathway to greater economic security. This is particularly true of new immigrants who have few options for joining the labor market. Despite documented tremendous growth in Asian-owned businesses, AAPI entrepreneurs continue to face significant obstacles in establishing, growing, and sustaining their businesses. Factors include poor or no credit, access to the appropriate financial products and services, lack of education and familiarity with U.S. financial systems, and lack of access to capital.
As a result, National CAPACD invests in microenterprise development as an asset building and financial inclusion strategy. National CAPACD's membership engages micro-entrepreneurs and others who rely on opportunities available through AAPI business districts and neighborhoods across the country. These member organizations ensure the inclusion of immigrant and refugee businesses in growing regional economies, and connect stakeholders to existing programs and resources in a culturally and linguistically appropriate way. Since 2012, National CAPACD's ACTION TA initiative has supported members through peer technical assistance in providing those services.
As a result of these efforts, the collaborative partners saw an 89% increase in the total number of clients served annually through one-on-one counseling and a 186% increase in the total number of clients served through education workshops. The collective serves 155 AAPI entrepreneurs, small business owners, and other small business district stakeholders annually, the majority of whom are low-income immigrants or refugees. We've found that access to appropriate financial education, coaching, products, and services helps small business owners save, build credit, and build capital through micro-lending programs. These resources are critical to ensuring that entrepreneurs can strengthen their businesses and ultimately stem the tide of displacement in ethnic neighborhoods.
To learn more about the Small Business Program, contact Small Business Senior Program Manager Roy Chan at firstname.lastname@example.org.