2022

NATIONAL ASIAN/PACIFIC ISLANDER AMERICAN CHAMBER OF COMMERCE AND ENTREPRENEURSHIP

IMPACT REPORT 2022

2022 in Review: A Note From Our President and Chairperson

On behalf of the National Asian/Pacific Islander American Chamber of Commerce & Entrepreneurship (National ACE), we thank you for your continued support of the AAPI small business community. While there’s still much work to be done on many fronts, we are proud of our 2022 accomplishments.

With the partnerships of over 120 AAPI affiliate chambers and partner organizations throughout the country, National ACE launched the AAPISTRONG 2022 Small Business Roundtable Series in 22 cities, which connected small business owners, elected and government officials, and corporations to address the needs of AAPI businesses.

CHILING TONG PRESIDENT/CEO, NATIONAL ACE

Over 30,000 AAPI small businesses benefitted from National ACE’s programs on access to capital, business resiliency, and bias and cultural sensitivity. We responded to antiAAPI hate by hosting listening sessions, advocacy, and meetings with the Department of Justice, FBI, and U S Attorney’s Office throughout the year

Through our corporate partnerships, National ACE distributed over $4 million in grant awards to 217 AAPI-owned businesses in fifty states and Washington, D C in 2022 These funds were vital to many businesses since they were still struggling from the lingering aftermath of post pandemic recovery – from supply chain disruptions to severe inflation and from labor shortage to ongoing discrimination.

DR. KAREN ENG CHAIR, NATIONAL ACE PRESIDENT/CEO, CSMI

In September, National ACE convened a meeting with 50 AAPI small business owners and community leaders with 22 Representatives and Senators on Capitol Hill to address economic recovery and racial equity. In October, Chiling was appointed by Treasury Secretary Janet Yellen to serve on the inaugural Treasury’s Advisory Committee on Racial Equity (TACRE). TACRE’s mission is to identify, monitor, and review aspects of the domestic economy that have directly and indirectly resulted in unfavorable conditions for communities of color.

We are proud of our ACE NextGen who assisted over 2,807 millennial entrepreneurs in 2022 ACE NextGen was established in 2015 to serve as a platform for younger AAPIs to forge their own path towards advancement with the support of a like-minded community

2023 will most likely bring its own set of challenges, but the spirit of AAPI entrepreneurship and resilience continues to persevere. No matter what the future has in store for us, National ACE will continue to fight and champion for the advancement of the AAPI small business community.

Alone – we can do so little; together – we can do so much more. We look forward to continuing our work with our valued partners, sponsors, and fellow advocates!

National ACE President/CEO CSMI

Chiling Tong President/CEO National ACE

Dr Karen Eng Board Chair,

Melissa Villanueva Brewpoint Coffee

William Wu Magnolia Jewelers

Susanna Barkataki Ignite Yoga and Wellness Institute

Jhoanna Belfer Bel Canto Books Krizzia Yang Bonifacio

Allen Jung and Queen Katsuta Barbe-Queen

Yu-Ling Wong & Jade Wong Facing East

Bing Jiang Rolling Robots

"Aloha National ACE, we are grateful for the grant funds we were awarded to purchase uniform inventory Because of ACE grant funds, we are ready to serve new members, especially the youth in our community who benefits in a multitude of ways from participating in martial arts.

Mahalo from our hearts!"

Joseph Kahawai, Owner, Hawai'i Jiu Jitsu Academy

GRANT IMPACT

"We could never make it this far without the fund from National ACE. It is truly like an old Chinese idiom “offer charcoal in snowy times ‘ , meaning provide help when it is most needed. Simply Sip will never forget the generosity of National ACE and we will provide help back to society as our business goes." Simply Sip, Baltimore, MD

"I have used the funds from the AAPISTRONG Proudly Unstoppable Grant to help fund the print run of my second bilingual book, "My Beautiful Earth", which launched this month in Mandarin, Hindi, and Korean editions. Thank you for believing in Spark Collection books and helping us offer diverse children's books and accessibility to learning Asian languages."

Irene Kang, Owner, Spark Collection, Austin, TX

Because of funding from AAPISTRONG, Cha Community was able to expand and open their second tea shop in Waco, Texas

PROGRAM IMPACT

SMALL BUSINESS OWNER VIRTUAL WORKSHOPS

NATIONAL ACE DISTRIBUTED COMPLIMENTARY SECURITY CAMERAS FOR AAPI STOREFRONTS

"I like joining the zoom webinars because

I can listen & run my restaurant simultaneously.

Sometime business is slow so I look to financial assistance to get me through rough times. So learning about the different grant/loan programs and ways to get financing helps me so much."

Simon Chhim, Owner, New Pho Long Beach

Number of Virtual Workshops 115 In-Person Events 52

Grant Programs

"After I first arrived in New York City from Korea, I first peddled clothes in Chinatown to support my family until my wife and I were able to open a store in Jackson Heights, which we've now owned and managed for 40 years. We've been proud to serve this community over the decades, even if it meant facing shoplifters and vandals, fixing cracked windows, and being robbed.

Today, with these new Nest cameras, we feel the most secure in our space than we've ever felt since we first opened our business.

I thank National ACE for this investment in our community."

John Park, Owner, Four Seasons Uniform

500

Partners

5 Security Cameras for AAPI Storefronts

ACE NEXTGEN

The people who we choose to be in our lives are one of the most important investments we get to make for our health, wealth, and relationships.

I didn’t know anyone in ACE NextGen when I attended my first conference in Boston several years ago. But that’s where I met this community of generous, humble, and authentic people who all wanted to grow in their business and in their personal lives.

Over the past few years in ACE NextGen, Inner Circles has enabled a valuable and trustworthy space for me to process through my greatest challenges. Incredibly memorable retreats in Hawaii and Nashville have shown me what a life of abundance can feel like. And the conference in Houston and events in LA, Boston, NYC, and DC have instilled in me a sense of belonging and a desire to give back to the greater AAPI entrepreneurial community.

Now, I can say that the people in ACE NextGen are my lifelong friends and confidants –they are my tribe They are part of what makes the entrepreneurial journey worth it I’m so excited for you to be part of this adventure Welcome to the family!

ACE NextGen Regional Chapters:

Number of AAPI millennial entrepreneurs served

2,807 DC

Unity Conference Attendees in Chicago

123

Business Workshops

14,000 1.1 Millon reach on website, blog, and mentions

social media likes on the annual conference

14,682 620k

400 social media interactions on the annual conference

annual conference social media reach

- Kevin Felix Chan, Chair, ACE NextGen Board of Directors

NATIONAL ACE SIGNATURE EVENTS

AAPISTRONG ATTENDEES

LUNAR NEW YEAR

FEATURING REMARKS FROM NEVADA GOVERNOR STEVE SISOLAK

75 attendees

AAPI HERITAGE MONTH BUSINESS SUMMIT

FEATURING REMARKS FROM VICE PRESIDENT KAMALA HARRIS

13,669 virtual views

MINORITY WOMEN LEAD

$35,000GIVENINGRANTS

132 attendees

ANNUAL CONFERENCE

$300,000GIVENINGRANTS

500+ attendees

AAPISTRONG ANNUAL CONFERENCE STRENGTHINDIVERSITY

Ambassador Katherine Tai U S Trade Representative

Administrator Isabel Guzman Small Business Administration

Under Secretary Donald Cravins MBDA

Rep Judy Chu (CA-27) Rep Kaialii Kahele (HI-2) Rep Pramila Jayapal (WA-7)

Michael Negron Special Assistant To The President for Economic Policy The White House

Mayor Sam Joshi (Edison, NJ)

Rep. Mark Takano (CA-41) Rep. Amata Radewagen (American Samoa) Erika Moritsugu Deputy Assistant to the President & AAPI Sr Liaison WHIAANHPI

Krystal Kaai Executive Director WHIAANHPI

National ACE and the National Minority Supplier Development Council (NMSDC) signing a Memorandum of Understanding on September 20, 2022

AAPISTRONGSMALLBUSINESSROUNDTABLES

In 2022, National ACE hosted 20 in-person and 3 virtual small business roundtables across the nation to hear from local AAPI small business owners.

"Our sales went down 70% overnight. We were profitable for 15 years. Retailers were hit so hard. Every client canceled. Every order disappeared. We continued to pay everyone until May when things started opening up... we made cuts and two years later are crawling back," -

Nadia Lee, founder & owner of Kollectin. (Left)

NATIONAL SURVEY

National ACE fielded online responses from over 700 AAPI small business owners in total for the Spring 2022 Regional and National Surveys.

The respondents range from diverse industries and backgrounds, with responses from all 50 states, D.C., and Puerto Rico.

50% of AAPIs reported at least one experience of racism, including disrespect, blame for the COVID-19 pandemic, and verbal harassment

44%

About 4 in 5 respondents trust the Federal Government and/or the Small Business Administration (SBA).

AsianAmericans& PacificIslanders whoreported negativeeffectsof Covid-19

72%

of AAPIs are unable to fund an unexpected $5,000 business expense

NATIONAL ACE ADVOCACY

One Voice for the AAPI Business Community

September 9, 2022: National ACE and Rep. Grace Meng Announce Nest Cam Kits for New York City

May 17, 2022: National ACE was invited to attend the AANHPI Heritage Month Celebration with President Joe Biden and Vice President Kamala Harris

September 21, 2022: Small Business Owners met Rep. Andy Kim in the U.S. Capitol Building

May 23, 2022: National ACE at the White House

October 10, 2022: National ACE CEO/President Selected for Treasury Department's Inaugural Advisory Committee on Racial Equity

To download ACE's full policy agenda, visit NationalACE.org

SMALL BUSINESS IMPACT

“The AAPISTRONG movement embodi the gritty relentless perseverance Asia have impressed here in the United Stat through countless necessary quick pivo adaptations in order to create lasting legacies for future generations.”

Ming Chou, Owner, Nu Ice and Drinks

"Baseline Flowers is a family-owned florist business that was run for over 70 years by my dad, Nick Nakagawa, who passed away in January 2021 at the age of 97. Ownership transferred to me and my siblings and I took over all business operations in March 2021. At that time, the business was running at a loss. In one year, with the help of a National ACE's AAPISTRONG grant, added external lighting, new signage and commissioned a large mural. We went from running at a loss to almost breaking even at the end of 2021. Now we have increased revenue each month from what was earned in 2021."

Kathy Nakagawa, Owner,

Baseline Flowers

"Since we were awarded the grant via UPS, our business has significantly grown over last year's numbers and we've nearly doubled our revenue (yay!) The grant directly contributed to this growth, because it was working capital that allowed us to make investments in projects to further expand our business."

Tina Wong, Owner, Grace and Ivory

NATIONAL ACE'S PARTNERS AND SPONSORS

PROFESSIONAL ORGANIZATIONS, FOUNDATIONS, AND CHAMBER OF COMMERCE