While AAPIs have the highest rate of entrepreneurship among all ethnic groups (10% of the total AAPI population), AAPI business owners continue to face immense challenges accessing capital, resources, and networks. A staggering 80% of AAPI entrepreneurs rely on personal savings or family support for funding, while many struggle with language barriers, low credit access, and systemic barriers to economic opportunity.

At the same time, historic AAPI enclaves like Chinatowns, Japantowns, Thai Towns, and other areas with high AAPI populations are facing gentrification and displacement—leading to the erosion of cultural identity and community power. Without direct action, we risk losing these vital cultural and economic hubs that celebrate community, language, culture, and provide critical resources to members of the AAPI community.

AAPI businesses and cultural centers have long been the backbone of our communities, providing employment, commerce, and spaces for connection. We’ve seen how external forces continue to threaten these spaces: from New York’s Chinatown fighting a proposed skyscraper jail to AAPI enclaves being priced out of their homes and businesses. Decreasing attendance and engagement in these community centers not only signals the erosion of our cultural heritage but also weakens our collective power.

This year, we will focus on 3 Core Concepts centered in Community Development:

1. Community Control - Empowering local communities to make decisions about their land, institutions, and resources

2. Preservation of Cultural Institutions - Protecting and sustaining spaces that keep our heritage alive

3. Support for AAPI - Owned Businesses - Ensuring entrepreneurs have access to the capital, education, and networks needed for long term success

By focusing on these priorities, we can build a future where our communities are not just surviving, but flourishing. This year, we invite you to stand with us as we work toward a stronger, more resilient AAPI community—together.

Sources:
Office of Advocacy. “Facts about Small Business: Asian American Pacific Islander Ownership Statistics 2024.” US Small Business Administration Office of Advocacy, 7 May 2024, advocacy.sba.gov/2024/05/07/facts-about-small-business-asian-american-pacific-islander-ownership-statistics-2024/.

“Small Business, Big Dreams.” National CAPACD, www.nationalcapacd.org/wp-content/uploads/2019/03/CAPACD_SmallBusinessReport_final_web.pdf. Accessed 20 Feb. 2025.

Swanek, Thaddeus. “AAPI Small Businesses Face Familiar, Unique Challenges.” AAPI Small Businesses Face Familiar, Unique Challenges | U.S. Chamber of Commerce, U.S. Chamber of Commerce, 23 May 2024, uschamber.com/small-business/aapi-small-businesses-face-familiar-challenges-and-some-unique-ones.