Thank you, Chiling, for that wonderful introduction. And thank you for all that you have done as CEO and President of the National ACE to support our nation’s AAPI small business communities during this crisis and beyond.
I’d also like to thank our friends at the Public Private Strategies for helping to organize this and other important webinars, and for all that you are doing to support our nation’s small business community.
This has been an unprecedented year for the AAPI community. AAPIs are battling both the COVID-19 pandemic and alarming levels of hate and violence targeted at their communities.
Prejudice, hate and violence have no place in our nation, and it is our responsibility to condemn it at every opportunity.
Over the past year, our nation’s restaurants and other food and beverage small businesses have faced enormous challenges.
As California’s Small Business Advocate and, now, as the voice for America’s 30 million small businesses and innovative startups, I’ve seen how you’ve pivoted and adapted to the changing marketplace and inspired others to do the same– finding new ways to connect with your customers, modifying operations for COVID, adopting technology, while working hard to cover expenses and payroll. We know it hasn’t been easy.
I’ve been inspired by your creativity, ingenuity and determination. You represent the core of our neighborhoods and propel economic activity on our main streets across the nation.
Today, I want you to know that help – customized for you - is here.
Thanks to the American Rescue Plan, passed by Congress and signed into law by President Biden, we’re giving out $28.6 billion dollars in targeted relief – through grants – not loans – to restaurants and other food and beverage businesses. And the grant application portal will be available starting Monday, May 3rd.
Across all of our programs and policies, I want the SBA to be as entrepreneurial as the businesses we serve – just like all of you who have adapted to consumer needs and pivoted all year to serve your clients..
So we’ve designed the application for the Restaurant Revitalization Fund with restaurants and food and beverage businesses, you the end-users, in mind, paying particular attention to your reality over the past year and how you’ve been running your businesses in this new marketplace.
My team will walk you through all the great features of this program in a few minutes so I’ll just share a couple of them with you now.
We’ve designed the RRF program to be tech smart. It has walk me through type assistance throughout the application – guidance as you go and the application should take about 25 minutes.
We know so many businesses have adopted technology at high rates during the pandemic - so we are integrating technology partners to increase your entry point options.
In addition to offering a direct application at sba.gov, we’ve partnered with point-of-sale vendors to help you apply or get connected to the SBA portal where you are already doing business… right now we’re partnering with Clover, Aloha, Square, and Toast and we’ll be adding new partners as we go.
And we’ve eliminated bureaucratic requirements that don’t make sense for your industry.
We know that our smallest and underserved businesses -- especially those owned by people of color -- have suffered the most from the pandemic and yet many have been unable to access relief.
Congress understood this when they included language in the American Rescue Plan that mandated a 21-day priority period for restaurants, food and beverage businesses owned by women, veterans, and socially or economically disadvantaged people.
As AAPI entrepreneurs, that means that you will be given priority access to these funds from May 3 to May 24. And since this is a first-come, first-serve program, it is important that you put your application in as soon as possible.
Congress also allocated 5 billion dollars in set-asides specifically targeted to smaller businesses – and the SBA added another $4.5 billion dollars – for a total of $9.5 billion dollars.
And, they directed us to ensure a broad range of restaurants and food and beverage businesses are eligible for the Fund -- food trucks, food carts, breweries, taprooms and many more are all included.
Our focus on reaching our smallest and underserved businesses is in line with the Biden-Harris administration’s emphasis on equity – a vision that I’m committed to at the SBA. We know that ALL our small businesses must be supported and given opportunities to succeed if our nation is going to thrive and retain our global competitiveness.
And we know it’s not just the design, but also the implementation and outreach which is why today’s event is so important and why we are prioritizing accessibility. The Fund’s online application portal will be available in English and Spanish (a first for the SBA) – with translation available in eight additional languages and support in up to 17 languages. A sample of the application is up there now in several languages – including Chinese, Japanese, Koren, Vietnamese and Thai.
Our live customer service line in multiple languages is open from 8am to 8pm EST Monday through Friday … and businesses without Internet access can apply over the phone.
We are committed to bringing this customer-first approach, technology and equity to all of our programs at the SBA so all of our small businesses can recover, start, grow and build resilience. So know that SBA has offerings fit for your business beyond the Restaurant Revitalization Fund.
This pandemic will end one day soon. Thanks to the American Rescue Plan, the Biden-Harris administration’s shots in arms campaign – and the dedication of healthcare workers on the frontlines -- half of all adults in the U.S. have received at least one dose of the vaccine.
We know that you want to reopen fully and safely.
At the SBA, we’re committed to making that happen. We’re here to help you get back on your feet – and ensure that our restaurants and local food and beverage establishments can survive this pandemic and beyond.
I take my role as the voice of America’s small businesses to heart. I know the impact small businesses have on our communities and on our economy, and I want them all - to feel like the giants you are in our economy.
So, thanks again to ACE …
and thank YOU ALL for everything that you do for your communities, your employees and our nation’s economy.
I’ll now turn it over to Dianna Seaborn and Ginger Allen, trainers with our Capital Access team, an amazing group of mission-driven staff who have worked diligently to deliver the Restaurant Revitalization Fund to all of you. They will walk you through the nuts and bolts of the program and answer your questions so you are ready to apply when the application portal opens on Monday.
Thank you and keep up hope. We’re here to help!