Letter: Recognizing the Success of Asian American Entrepreneurs – InForum

May is Asian American, Native Hawaiian, and Pacific Islander Heritage Month, celebrating the rich contributions of AANHPI individuals to the economy and cultural landscape of the United States. With Asian Americans being one of the fastest-growing racial demographics, their history of resilience, hard work, and entrepreneurial spirit has played a significant role in shaping the nation.

The Biden-Harris Administration’s economic agenda has sparked a “Small Business Boom,” with a record-breaking 18 million new business applications, including over 218,000 in Minnesota alone. Asian Americans are at the forefront of this start-up surge, driving innovation and growth in various sectors such as restaurants, healthcare services, retail, technology, engineering, construction, manufacturing, and more.

Despite challenges in accessing capital, President Biden’s focus on funding AANHPI-owned businesses has led to a 44% increase in the number of loans and a 36% increase in loan dollar volume for the community. In Minnesota, SBA loans for Asian Americans have seen a nearly 20% increase, thanks to the efforts of SBA Administrator Isabel Casillas Guzman in reducing barriers to capital access.

The SBA is dedicated to supporting AANHPI entrepreneurs by providing affordable financing, counseling, online resources, and language support. President Biden’s commitment to equity and inclusivity in the economy is reflected in the agency’s efforts to empower diverse small business owners and drive prosperity for all.

In May, the SBA proudly recognizes the vital role of Asian American small businesses in creating jobs, financial security, and generational wealth. As the nation celebrates AANHPI Heritage Month, it is a time to honor the past achievements and future potential of this vibrant community in shaping the economic landscape of America.