WASHINGTON – On Tuesday, May 14, SBA Administrator Isabel Casillas Guzman hosted a roundtable with Asian American, Native Hawaiian, and Pacific Islander (AANHPI) business leaders to celebrate AANHPI Heritage Month and discuss how the Biden-Harris Administration can continue to advance and support entrepreneurship within the AANHPI community.
Administrator Guzman gave remarks alongside Senator Mazie Hirono, Congresswoman Judy Chu, Deputy Assistant to the President & AANHPI Senior Liaison Erika Moritsugu, and White House Initiative on AANHPI Executive Director Krystal Ka'ai. The officials then heard from representatives of the AANHPI community and business organizations to discuss challenges and opportunities for AANHPI entrepreneurs in small business ownership, government contracting, manufacturing, and technology.
After declining between 2017 and 2020, SBA loans to AANHPI-owned businesses are back on the rise under the Biden-Harris Administration, with total loans increasing by 44% and total loan dollars increasing by 36%. Since President Biden took office, federal contracting dollars going to AANHPI-owned small businesses have grown substantially – an increase of $2.1 billion for Asian American-owned small businesses and $2.8 billion for Subcontinent Asian American-owned small businesses.
AANHPI entrepreneurs own more than 3 million small businesses across the country, employ more than 5.2 million people, and generate $958 billion in sales every year. Under the Biden-Harris Administration, members of the AANHPI community are betting on themselves and their ideas – and because of their belief and spirit, America’s small business economy is flourishing. During AANHPI Heritage Month, the SBA is celebrating the AANHPI community’s resilience, entrepreneurial spirit, and contributions to our economy.
For follow-up interview requests for Administrator Guzman, please contact Rebecca Galanti at Rebecca.Galanti@sba.gov.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.