That work includes new assistance for the ABASD to help communities experiencing discrimination and local businesses affected by the coronavirus as part of the bank’s $1.25 billion, five-year commitment to advance racial equality and economic opportunity. “The past couple of years have shown that we still have significant work to do within the community to address long-standing issues of inclusion and racial inequality,” says Alex Yamashiro, a vice president and relationship manager at Bank of America and ABASD board member. footnote4 Research by Bank of America found that during the pandemic, more than two-thirds of API business owners relied on family and friends for financial support. today, footnote3 and as many as 21% of them said they would not apply for financing because they did not think they would be approved.
Roughly 2.2 million API-owned businesses operate in the U.S. While the pandemic amplified the needs of API businesses both locally and nationally, the issues many of them face have existed for much longer. The ABASD offers educational workshops, technical assistance, business mentorships and access to capital to minority-owned small and disadvantaged businesses, entrepreneurs and startups in hard-to-reach communities in the San Diego region.
Member FDIC ©2022 Bank of America Corporation So, we're really pleased to have such a great team and support through the board of directors and investors who really are mission driven.īank of America, N.A. The funding, particularly from Bank of America was so significant and helping us establish such a very specific service to the Asian and Pacific Islander community, that has never been before provided in the San Diego region.Įven amidst all the challenges of the pandemic API businesses have steadily grown, throughout San Diego in the last 20 years.ĪAPI businesses contributed more than $5 billion to the region’s economy in 2021 The grant to the Asian Business Association of San Diego is part of Bank of America’s $1.25 billion commitment to advancing racial equality and economic opportunity
We actually purchased tablets and laptops for where they're able to access funds from alternative lenders or people who are doing impact-investing and funding.īeing able to set up our businesses so that they could access grants and loans was a key step in making sure that they continue to do that long-term and be set up for success in the future. Source: The S an D iego U nion T ribune, Dec. These businesses may have had a harder time, being unable to communicate, let alone adapt to the volatile operating conditions in the pandemic.Ĩ1% of API businesses said they needed small business grants, loans or other financial assistance during the pandemic. Where business owners or employees had limited English fluency or technology integration, examples like no-pay-by-app options or no website or a social media presence. We established and launched the Asian Pacific Islander economic equity advancing program to provide business development for minority business enterprises in communities that were hit hardest, by racial and economic injustices and discrimination. We offer these services at no-cost, uh, to any business seeking support.Ī number of compounding issues severely impacted API business throughout the pandemic. We do this with the focus on minority owned, small and disadvantaged businesses, entrepreneurs and startups.Īsian and Pacific Islander businesses added more than 90,000 jobs in the San Diego region in 2021 We offer technical assistance such as access to capital, digital tools and broadband connectivity, business plan assistance, strategic growth, expansion strategies. Serving Our Communities Through Adversityįormed in 1990, the Asian Business Association of San Diego is an organization committed to building sustainable communities through inclusive economic development and a qualified diverse workforce.ĬEO, Asian Business Association of San Diego
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