I’m proud to be a first-generation Asian American with parents who immigrated to this country for the opportunities all Americans enjoy today. My father, a trained physician, delivered phonebooks at night while my mother held jobs in a nursing home and cut fabric at a local store. My mother was also a medical resident at the University of Chicago — three hours away from her daughters, who lived in Iowa.

My parents’ dedication and commitment helped make their lifelong dreams of small business ownership a reality. My mom successfully opened her own private medical practice, which brought new challenges of caring for patients while simultaneously managing the daily functions of a growing business. I learned from her experiences the value of advocating for policies that promote small business growth and create the high paying jobs our communities desperately need.

As I look back at my parents’ small business journey, I understand the critical importance of supporting Asian American, native Hawaiian and Pacific Islander (AANHPI) business communities.

President Joe Biden and U.S. Small Business Administration Administrator Isabella Casillas Guzman have created a plan to help AANHPI small businesses grow by providing additional access to capital, business training and federal contracts. By helping these entrepreneurs, we support the innovation, competition and unique experiences AANHPI communities bring to the economy.

While Asian Americans, native Hawaiians and Pacific Islanders make up only
6.2 percent of the U.S. population, they own 8.4 percent of small businesses nationwide. Asian Americans own 3 million businesses, which in turn employ a total of 5 million and generate collective annual revenues of more than $1 trillion. Most of these businesses are in the professional, science, medical and technical services segments.

One way SBA supports our nation’s AANHPI entrepreneurs is through its flagship loan guarantee programs. In the 2022 fiscal year, the federal agency approved 5,603 loans totaling $5.3 billion to AANHPI businesses through the 7(a) loan guarantee program and another 1,084 loans worth a total of  $1.5 billion through the 504 program. The agency also approved 165 micro loans under $50,000 each.

In May 2021, President Biden signed Executive Order 14031 directing the development of an ambitious, government-wide interagency plan to advance equity, justice and opportunity for AANHPI communities. The SBA established four equity goals that focus on direct assistance:

Improve access to capital for underserved communities, including AANHPI small business owners. SBA is investing in additional technology to match underserved borrowers with Community Financial Institutions (CFIs), including Community Development Financial Institutions (CDFIs). For borrowers, application requirements will be simplified, data will integrate automatically, a high-quality customer service support system will be available and the process will be mobile-friendly.

Expand access to federal procurement and contracting opportunities.
SBA will enroll more small, disadvantaged businesses into its business development and contracting programs, including the 8(a) business development program, historically underutilized business zone program and economically disadvantaged women-owned small business certification program. The goal is to strengthen the capabilities of businesses to compete and perform on federal contracts.

Provide support and expanded access to disaster assistance. SBA will work with its field and program offices to develop a systematic and formal process with its resource partners to assist AANHPI businesses with disaster loans, including application completion, reconsiderations, credit repair and managerial and technical services.

Increase access to business counseling, training and services. SBA will investigate innovative approaches for reaching AANHPI clients through its Community Navigators Pilot Program, Women’s Business Centers, Small Business Development Centers, SCORE and Procurement Technical Assistance Centers.

As a result of my parents’ hard work, my mother became a successful entrepreneur who loved the work she did every day. I am proud of my parents’ fortitude and business savvy and feel proud the SBA is a staunch ally of the AANHPI community.