Do you run a company that’s eligible for an Asian-owned business grant? Then you may want to read on.
Asian business owners have many financial resources available to them, including Asian-owned business grants. These grants can provide crucial funding for Asian entrepreneurs looking to start or grow their businesses. And we’re here to make sense of them all.
Some of the top Asian-owned business grants are the Asian American Business Development Center Grant, the National Asian American Chamber of Commerce grants, and AAPIStrong Small Business grants.
In addition to these grant programs, Asian business owners can benefit from resources such as the Small Business Administration’s 7(a) loan program and the Minority Business Development Agency’s business counseling services. By taking advantage of these programs and resources, Asian business owners can get a head start on achieving their dreams in the American marketplace.
Let’s review each in more detail:
Asian Owned Business Grants
Here are some more details on the top Asian-owned business grants and other resources out there. They range in type from private funds to government loans.
Asian American Business Development Center Grant: Project Rebuild
In January 2021, the Asian American Business Development Center launched Project Rebuild. This initiative seeks to connect small Asian-owned businesses affected by the pandemic with financial support. The grant is available to companies with fewer than 500 employees, and it can be used for a variety of purposes, including business expansion, equipment purchases, and working capital.
Project Rebuild is a great resource for Asian-owned business grants. But it’s more than just that. In addition to capital, Project Rebuild can help Asian business owners fill the gap with technical assistance and other non-financial hardships that arose during the pandemic.
National Asian American Chamber of Commerce Grants
The National Asian American Chamber of Commerce offers several Asian-owned business grant opportunities per year. In 2022, ACE awarded 82 business grants through two distinct grant programs: the Proudly Unstoppable Fund and Inclusive Backing. Each qualified business was awarded $5,000 in grant money.
The next opportunity to earn grant money from ACE will be in 2023 when it begins accepting applications again.
Reimagine Main Street: AAPIStrong Small Business Grants
There are 100 cash grants available to Asian-owned businesses each year through AAPIStrong, a financial resource from Reimagine Main Street. AAPIStrong’s grant program centers around pandemic relief and has two tiers. The first tier is a $10,000 cash award given to 40 AAPI business owners who started their companies during the pandemic.
The second tier is a $25,000 cash award for 60 AAPI business owners who started their companies before the pandemic and made it through. To qualify for the grant program, you’ll need to meet all the requirements, which you can review here.
Funding for these Asian-owned business grants comes from a partnership between Reimagine Main Street, the National Asian American Chamber of Commerce, and Meta.
Beyond Asian Owned Business Grants: Additional Resources
There are other financial resources available to Asian-owned businesses in addition to grants. Most notably, these are government loans designated for small businesses and minority-owned businesses.
Small Business Administration’s 7(a) loan program
The Small Business Administration’s 7(a) loan program is available to all qualifying small businesses. Asian-owned businesses that meet the SBA’s requirements may want to consider a 7(a) loan, as it can be faster to get liquidity through credit than by applying for a grant.
Some of the benefits of a 7(a) loan are longer repayment terms, lower down payments, and added flexibility.
Minority Business Development Agency’s business counseling services
The Minority Business Development Agency (MBDA) is a federal agency that promotes the growth of minority-owned businesses. Asian-owned businesses can access non-financial resources for growth and expansion through this agency.
The MBDA provides counseling and training services to minority business owners. Its business counselors can help entrepreneurs with everything from developing a business plan to accessing financing. They also offer workshops on topics such as marketing and management. In addition, the MBDA provides resources such as a database of minority-owned businesses and a directory of government contracting opportunities. By taking advantage of the MBDA’s counseling services, Asian-owned businesses can get the support they need to start and grow their companies.