WASHINGTON, May 4, 2023 /PRNewswire/ — Asian businesses account for the largest share of minority-owned businesses in the United States, employing 5.2 million people and generating $841 billion annual income, but face growing financial challenges and a need for greater access to capital, according to a meta-analysis from SCORE, a resource partner of the U.S. Small Business Administration.
Khailing Neoh is the founder of Sum Bar, a restaurant in Greenville, South Carolina, specializing in dim sum and specialty cocktails.
May is Asian American, Hawaiian, and Pacific Islander (AANHPI) Heritage Month and SCORE celebrates AANHPI entrepreneurs and highlights the personalized resources and mentoring available to those looking to start or grow a little company.
“Entrepreneurship poses a significant risk, even more so for AANHPIs who face racial discrimination in addition to countless other challenges,” explains John Li, co-founder and CTO of loan provider Fig Loans. “Community resources – including funding options and mentoring – are essential. As the AANHPI community continues to grow and experience success, giving back to our community helps drive further growth.
Access to financing, a major concern
When it comes to financing, Asian businesses have been hit harder by the pandemic than any other racial group. In a survey of businesses owned by people of color, the Federal Reserve found that 95% of Asian employers reported experiencing financial difficulties in 2021, an increase of 25 percentage points since the same 2019 survey. Additionally, AANHPI contractors face racial discrimination. it impacts their access to financing, interferes with hiring and can impact business growth, according to SCORE. Women business leaders in the AANHPI are particularly affected. Despite these challenges, Asian small business owners are steadfastly dependent on themselves and the community, and their work ethic generates the highest revenue of any minority group.
“Particularly for me, as a first-generation Asian American, there is a family pressure to grow up the traditional corporate ladder, as opposed to something as risky as a restaurant,” said SCORE customer Khailing Neoh, founder and owner of Sum Bar in New York. Greenville, South Carolina “But I’m doing this for my parents, for my grandparents who immigrated here.”
Free resources available
On May 25SCORE will host a free online event online seminar led by a business mentor Eva Chen about the unique challenges facing AANHPI small business owners and practical advice on how to overcome them. Additionally, SCORE offers an online resource center for AANHPI entrepreneurs offering one-on-one mentoring, training and support specific to their experience, as well as inspiring success stories from other AANHPI entrepreneurs.
Visit The SCORE Hub for AANHPI Entrepreneurs to request a mentor or find out more.
About SCORE:
Since 1964, SCORE has helped more than 11 million entrepreneurs successfully start, grow or exit their businesses. SCORE’s 10,000 volunteers provide free expert mentoring, resources and education in all 50 U.S. states and territories. Visit SCORE on www.score.org.
Funded (in part) through a cooperative agreement with the U.S. Small Business Administration.
CONTACT:
SCORE
202-968-6428
(email protected)
Visit SCORE Media Resources to be connected to sources of interviews with small business experts and news updates.
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