May is Asian American, Native Hawaiian, and Pacific Islander (AANHPI) Heritage Month, a time to honor the rich cultural contributions, resilience, and entrepreneurial leadership of AANHPI individuals across the country. From shaping local economies to advancing innovation in key industries, AANHPI communities continue to be powerful forces in business and beyond.
The Economic Impact of AANHPI-Owned Businesses
Today, AANHPI entrepreneurs own over 3 million businesses in the United States, employing more than 5.2 million people. These businesses contribute significantly to the economy, with Asian American-owned employer firms alone generating more than $860 billion in annual receipts. From family-run shops to precision manufacturers, AANHPI-owned businesses play a critical role in building stronger, more inclusive communities.
Barriers to Capital and Support for AANHPI Entrepreneurs
Despite this impact, many AANHPI entrepreneurs continue to face barriers in accessing capital and support. Language access, limited networks with financial institutions, and a lack of culturally specific business advising are common challenges. Studies show that AANHPI business owners are less likely to apply for financing even when eligible, often due to concerns about denial or lack of trust in traditional systems.
National Resources Supporting AANHPI Business Owners
Several organizations are working to close these gaps and support AANHPI entrepreneurs:
- AAPI Chamber of Commerce: Offers advocacy, resources, and networking for AAPI-owned businesses nationwide.
- National Coalition for Asian Pacific American Community Development (National CAPACD): Focuses on housing and economic justice for low-income AANHPI communities.
- Asian Real Estate Association of America (AREAA): Promotes sustainable homeownership and business growth within the AAPI community through real estate advocacy and education.
These organizations provide vital support and advocacy to help AANHPI businesses thrive.
How AmPac Business Capital Supports AANHPI Entrepreneurs
AmPac Business Capital is proud to stand with these organizations by offering mission-based lending solutions designed for underserved entrepreneurs. One recent success story involves a precision machining company based in Orange County, California, that received a $200,000 SBA 7a Community Advantage loan.
This Asian-owned business delivers high-quality, precision-machined components and provides services such as:
- CAD design
- ERP planning
- Raw material sourcing
- CNC milling
The loan provided the company with working capital to fulfill rising demand, replenish inventory, refinance high-interest debt, and immediately hire four to five new employees. With a 10-year repayment term, the financing gives the business the flexibility to grow sustainably and respond to market opportunities.
Continuing the Mission of Inclusion and Economic Opportunity
This story reflects AmPac’s broader commitment to leveling the playing field for minority-owned businesses through access to capital, technical assistance, and personalized support. As we celebrate AANHPI Heritage Month, we reaffirm our belief that every entrepreneur, regardless of background, deserves the opportunity to thrive.
From local retailers to high-tech innovators, AANHPI-owned businesses continue to illuminate the path of entrepreneurship with resilience, excellence, and community values. AmPac is honored to be a partner in that journey.