2024 IN REVIEW:
Executive Summary
On behalf of the National Asian/Pacific Islander American Chamber of Commerce & Entrepreneurship (National ACE), we extend our heartfelt gratitude for your steadfast support of the Asian American and Pacific Islander (AAPI) and broader small business community.
2024 was a transformative year for National ACE. We addressed critical issues facing our community by raising over $38 million in capital through the historic Capital Readiness Program, in partnership with the Minority Business Development Agency (MBDA). We continued meaningful advocacy initiatives through hosting 34 Small Business Roundtables, including 19 on Capitol Hill with Congressional offices, to foster substantive dialogue between entrepreneurs and policymakers. We strove to close the data gap by collaborating with diverse partners on essential surveys and research. Notably, the Small Business Fund celebrated its fourth year by distributing $1.3 million in grants to 170 small businesses, providing vital support to help entrepreneurs thrive amid economic challenges. Since 2021, we have proudly allocated over $9 million in grants where it is needed most.
Through partnerships with over 130 affiliate chambers and organizations nationwide, we have spearheaded and amplified initiatives that empower small business owners across all 50 states and the District of Columbia. Your support has enabled business owners to access grants, close capital gaps, obtain resources through virtual workshops, and engage government officials to advocate for change.
We would also like to extend our sincere thanks to the Board of Directors for your unwavering commitment and guidance. Your leadership has been instrumental in driving our mission forward. Looking ahead, we recognize there is still much work to be done. National ACE remains committed to advancing economic development and creating opportunities for AAPI and all entrepreneurs. We invite you to join us in these efforts. Together, we can make a meaningful impact.
Thank you once again for your invaluable support.
Thear Suzuki Board Chair National ACE Board of Directors
MISSION
National ACE is dedicated to serving as the unified voice for over 3 million AAPI-owned enterprises that employ over 5.2 million individuals nationwide In collaboration with 130 affiliate chambers of commerce and business organizations, we strive to enhance the economic, political, and social wellbeing of small business owners by breaking down barriers to entrepreneurship and growth
Our mission focuses on advancing economic development and opportunity and empowering businesses through advocacy, partnerships, and innovative programs. We cultivate community dialogue and facilitate access to vital resources, including financing and technical assistance. By elevating business leadership and improving visibility in policy discussions, we aim to create a thriving business environment that celebrates the accomplishments of entrepreneurs Together, we work to foster a prosperous, inclusive landscape and a brighter future for generations to come
Three Pillars
State of AAPI Business Today
National ACE Board of Directors at the 2024 Annual Conference (Santa Clara, California)
CAPITAL READINESS PROGRAM IMPACT
Funding and Growth Support
The Capital Readiness Program (CRP), funded by the U S Department of the Treasury and administered by the Minority Business Development Agency (MBDA), is a $125 million program that helps underserved business owners grow their business, obtain funding, and build their network National ACE collaborates with our partners nationally to offer business coaching, virtual accelerators, and funding
$38.6M
in funds connected to small businesses in the first year entrepreneurs in the program participants in 3 virtual accelerators and incubators
National ACE brings entrepreneurs to the table with U S Deputy Under Secretary of Commerce Eric Morrissette to directly share the challenges and opportunities relating to small business ownership, access to capital, and contracting (Santa Clara, California)
National ACE at the CRP East Coast Hub Opening (Arlington, Virginia)
National ACE spoke at the MBDA National Training Conference (Miami, Florida)
CAPITAL READINESS PROGRAM IMPACT
How the CRP Helps the Small Business Community
Treetip Intarakhao
Thai Pastry, Owner | Chicago, IL
Treetip Intarakhao, owner of the woman-owned Thai Pastry restaurant in Chicago, faced overwhelming challenges during the pandemic She struggled with rising rent, employee needs, and keeping her restaurant afloat, while repeatedly encountering roadblocks in securing financial relief, leaving the future of her business uncertain National ACE helped guide her through grants, real estate negotiations, and city permits She successfully secured a $250,000 Chicago Recovery Grant, enabling her to relocate and expand her restaurant to a larger, more suitable location Treetip was able to negotiate a favorable lease, find contractors for the build-out, and manage licensing and permitting challenges Despite delays with city permits and grant reimbursements, which caused a two-month pause in operations, Treetip remained determined Through National ACE’s diligent efforts and continued guidance, Treetip’s vision came to life Thai Pastry reopened in a beautifully renovated space, a project that only required Treetip to invest 10% of her own funds, thanks to the grant support
Mai Vang
MaiYaj Asian Bistro | Montague, CA
Mai Vang connected with National ACE through social media after learning about us in a Hmong community Facebook group This connection came at a pivotal moment as Mai was looking to refinance one of her commercial properties to improve her business finances Through this partnership, Mai Vang has been able to accomplish significant business goals The refinancing of her commercial property improved her financial standing, and now, with National ACE’s help, she is moving forward with confidence to launch her second restaurant. This collaboration not only allowed her to achieve important milestones but also set her up for continued growth and success in her entrepreneurial journey.
SMALL BUSINESS GRANTS
2023 Grand Prize Winner
JP Pani & Laukau Loelu
Aloha Island Market | Mesa, Arizona
“Mahalo nui loa (thank you very much) for the opportunity to have the grant bless our Market We bought new pieces of equipment, and helped our restaurant upgrade our menu, which we have wanted to do for a couple of years now, but now had the funds to do so Our food sells out, and because of your help, we can cook every day we are open, mahalo ”
Grant Metrics
$9.4M $1.27M
1,019 total grants given since 2021 in grants distributed in 2024 total grants given since 2021
Three grant winners at Minority Women Lead in August 2024 (Irvine, California)
Restaurant Fund Grand Prize Winners at the 2024 Annual Conference. (Santa Clara, California)
JP Pani & Laukau Loelu: Grand Prize Winner at the 2023 National ACE Conference (Las Vegas, Nevada)
GRANT IMPACT
Jeffrey Kim & Matthew Lee Nudibranch | New York, NY
“We are incredibly grateful for this grant The funds will be used to support our staff, our team, and our space We will be using the funds to make important renovations that will help us create a safer and more welcoming environment for our guests and our community!”
Nikki
Savella Cupcakes, BOOM! | Hilo, HI
“With increased capacity from a new 20quart commercial mixer, the bakery can meet higher demand and avoid production bottlenecks during peak times ”
Khailing Neoh
Sum Bar | Greenville, South Carolina
“$10,000, for restaurants, creates the type of impact that ripples throughout the business and community Actual improvements and updates that otherwise felt far fetched are now so much more possible We are grateful for this grant for helping small restaurants not only sustain but also grow ”
NATIONAL ACE SIGNATURE EVENTS
Lunar New Year
Washington, D.C.
National ACE had the honor of co-hosting the Lunar New Year celebration with Vice President Kamala Harris and Second Gentleman Douglas Emhoff at their residence in Washington, DC
Houston, Texas
National ACE partnered with the Houston Asian Chamber of Commerce to host the Year of the Dragon Reception
Las Vegas, Nevada
National ACE joined the Las Vegas Super Bowl LVIII Host Committee to kick off the inaugural NFL/Super Bowl Lunar New Year media night
National AANHPI Heritage Month Business Summit
Washington, D.C.
National ACE co-hosted the National AANHPI Heritage Month Business Summit with the U S Department of Commerce This Summit exhibited our partnerships across government, through the engagements of Secretary of Commerce Gina Raimondo (left), Deputy Secretary of Commerce Don Graves, Deputy Under Secretary of Commerce for Minority Business Development Eric Morrissette, White House Deputy Assistant to the President & AA and NHPI Senior Liaison Erika Moritsugu, and WHIAANHPI Executive Director Krystal Ka'ai
Minority Women Lead
Irvine, California
(Left) Pallavi Pande, owner of DTOCS, showcased an eco-friendly sustainable single use dinnerware solution for a plastic free world (Right) Ashely Xie, co-founder of Rooted Fare, made her pitch of classic Chinese sweets and won first place at the 7th Annual Minority Women Lead
2024 Annual Conference
Santa Clara, California
The Annual Conference Awards Dinner in Santa Clara, CA celebrated the achievements of AAPI trailblazers with heartfelt tributes and insightful discussions Conference highlights featured speakers including Secretary Elaine L. Chao; Director of Crazy Rich Asians & Wicked Jon M. Chu; and Executive Vice President of Operations at Renesas Electronics Dr. Sailesh Chittipeddi
70+
800+ Attendees Speakers
April 5, 2024 - New Jersey Roundtable
DTABLES
th government officials and corporate leaders , digital literacy, workforce development, and porate partners nationwide, these roundtables
National ACE has hosted 34 in-person Small onal offices on Capitol Hill
Arlington, VA
Atlanta, GA
Charlotte, NC
Chicago, IL
Dallas, TX
Houston, TX
Iselin, NJ
Las Vegas, NV
Los Angeles, CA
Miami, FL
New York City, NY
Sacramento, CA
Salt Lake City, UT
San Francisco, CA
Seattle, WA
Washington, D.C. (19 Congressional Meetings)
with Judy Chu
ECONOMIC SUMMITS
In 2024, National ACE, the White House Initiative on Asian American, Native Hawaiian, and Pacific Islanders (WHIAANHPI), and the U S Small Business Administration (SBA) held three impactful Economic Summits in Atlanta, GA, St Paul, MN, and Irvine, CA These Summits connected 934 business owners and community leaders directly with federal resources, fostering valuable support and engagement for the small business community
1,303+ Attendees
January 10, 2024 - Atlanta Economic Summit
NATIONAL ACE ADVOCACY
Empowering Entrepreneurs and Small Business Owners
National ACE is committed to strengthening the business community through connecting entrepreneurs to resources and advocating business-friendly policies. Through strong partnerships with Congress, the White House, and business leaders, we advocate for the interests of small businesses, promote economic development, strengthen coalitions, and cultivate the next generation of leaders.
To download National ACE's full policy agenda, visit NationalACE.org
ADVOCACY ON CAPITOL HILL
Capitol Hill Day
National ACE continues to build formidable relationships with key Congressional offices. During the 2024 Capitol Hill Day, we conducted 19 meetings and engaged a total of 22 Congressional offices, including House Representatives Jake Ellzey, Judy Chu, Ted Lieu, Grace Meng, Marilyn Strickland, Andy Kim, as well as the Senate Small Business Committee and Joint Economic Committee National ACE is dedicated to strengthening relationships with Members of Congress and sharing our policy agenda to be an effective voice for small business communities on Capitol Hill
NATIONAL ACE NOTABLE SPEAKERS
Senator Andy Kim (NJ)
Senator Ted Budd (NC)
Senator Tim Scott (SC)
Governor Spencer Cox (UT)
Congressman Ted Lieu (CA-36)
Congresswoman Young Kim (CA-40)
Congressman Jake Ellzey (TX-06)
Congresswoman Judy Chu (CA-28)
Congresswoman Grace Meng (NY-06)
Congresswoman Marilyn Strickland (WA-10)
Director of Crazy Rich Asians and Wicked Jon M Chu
U S Trade Representative Katherine Tai
Utah Attorney General Sean Reyes
MBDA Under Secretary Donald Cravins Jr
Nevada Lieutenant Governor Stavros S Anthony
CLOSING THE DATA GAP
Spotlight on Asian American Women
According to Wells Fargo’s 2024 Impact of WomenOwned Businesses Report, Asian American women comprise the segment of women-owned businesses that are most likely to be employer firms and are among the highest average revenue generators of any women’s segment If Asian American women-owned businesses were to achieve parity with the average revenue of menowned businesses, the U S economy would benefit from an additional $724 7 billion in revenues
Federal Contracting
In 2023, Asian Americans and Subcontinent Asian Americans secured just 3.25% of federal contracts, according to the U.S. Small Business Administration (SBA).
(The SBA does not disaggregate data for Native Hawaiians and Pacific Islanders ) Source: FY 2023 disaggregated data | U S Small Business Administration (sba gov)
Multigenerational Households
61%
of Native Hawaiian and Pacific Islanders live in a two-generation household* and 17% live in a threegeneration household**
*compared to a 55% average for all racial groups
**compared to a 9% average for all racial groups
Source: AAPI Data
Digital Tools / E-Commerce
40%
Less than of our Small Business Roundtable attendees reported employing digital tools or ecommerce in their day-to-day business operations.
SURVEYS & RESEARCH
Paid Leave Survey
Retail Investments & Access to Capital
In 2024, we released findings from a survey of 1,114 small business owners across all 50 states It reveals increasing support for policies that expand paid family medical leave, particularly when businesses have experience with such programs at the state level Find the full report on NationalACE org/research 70%
National ACE published a white paper examining the significance of retail investing in capital generation for AAPI entrepreneurs While funding sources such as contracts and grants are emphasized in capital access discussions, research indicates that the majority of AAPI entrepreneurs rely on self-funding This highlights the necessity of strategies aimed at enhancing personal wealth among these entrepreneurs to bolster their businesses, families, and communities One promising approach to bridging the wealth gap is to improve accessibility to financial markets The emergence of retail investing and online trading platforms has facilitated this objective, presenting new opportunities for wealth generation Find the white paper at NationalACE org/research
Support for Business Tax Credits
60% of respondents, including 70% of the self-employed, indicated support for a business tax credit that would offset the costs of providing paid leave
Support for Small Employer Insurance Risk Pooling:
A plurality (34%) of those surveyed indicated that the creation of a small employer pool for paid leave insurance to lower costs would make it easier for them to provide paid leave.
Total Respondents
Proactive Utilization of State Programs
24% of owners have already engaged with state paid family medical leave programs, indicating a proactive approach towards providing this benefit to employees
ACE NEXTGEN
Mission
To pave the way for next generations of AAPI and all entrepreneurs to boundary-breaking, continuous growth.
ACE NextGen serves as a platform for young entrepreneurs to forge their own path towards advancement with the support of a like-minded community.
2024
2,000 AAPI Entrepreneurs in our Network
$280M in member revenue
445,930 Total Social Media Impressions
14,448 Total Engagements
106 Business Workshops / Events
11 Chapters
Boston
Chicago
Houston
Las Vegas
Miami
New York
New Jersey
Philadelphia Southern California
Washington, D.C. The Bay Area
COMMUNITY REACH
Press Metrics
Social Media Metrics
Our Social Media Channels
7,584
15,053 Engagements
National ACE featured on Chicago Tribune, Business Wire, and the U S Senate Committee on Commerce, Science, and Transportation articles.
NATIONAL ACE BOARD OF DIRECTORS
Thear Suzuki
National ACE Board Chair Global Client Service Partner EY
Jason Chan
Director, External & Public Affairs, Strategic Alliances; Chief of Staff to President, State External & Legislative Affairs AT&T
Angela Chang Chief Strategy Officer KCAL Insurance Agency
Dr. Karen Eng
Foundation Board Chair President & CEO CSMI
Fa’avae Fa’avae
Founder & Owner F2 Manufacturing and Island Avenue
Jimmy Ferguson
Owner/Operator; McDonald’s Asian McDonald’s Operators Association (AMOA) President, Maxtab, Inc
Garrett Gin
Senior Vice President, Global Marketing & Corporate Affairs Bank of America
Karen Ideno
Group Vice President - ESG Investing & Toyota Chief Indirect Procurement Officer Toyota North America
Bill Imada
Chairman & Chief Connectivity Officer IW Group
Susan Jin Davis Social Impact Officer Al Roker Entertainment
Joon Kim
Associate Vice President, External Affairs Comcast
Pat Fong Kushida President & CEO California Asian Chamber of Commerce
Chris Law
National Vice President, Asian Initiatives UnitedHealthcare
Grace Lee President & CEO Ashford Connex, LLC
Roberto Llames President & CEO Enterprise Solutions, Inc
Manumalo Muasau Founder ManuMental Performance Coaching
Sandeep Nain President & CEO SNtial Technologies, Inc
George Tanaka
Managing Director, Head of Japan Practice U S Bank
Thomas “Tony” Waller Vice President, Constituent Relations and Racial Equity Walmart
Helene Yan Chief Client Officer, Health Interpublic Group
Vivian Young
Global Head Asian & Pacific Islander Affairs
JPMorgan Chase
NATIONAL ACE FOUNDATION BOARD OF DIRECTORS
Dr. Karen Eng Foundation Board Chair President & CEO CSMI
CY Chen
Honorary Chairman Global Monte Jade
Melody Chen ACE NextGen Board Chair President, Maruson Technology
Tracey Doi Board of Director National ACE Foundation
Jimmy Ferguson
Owner/Operator; McDonald’s Asian McDonald’s Operators Association (AMOA) President, Maxtab, Inc
Tammy Funasaki
Director Tsuha Foundation
Dennis Huang
Executive Director & CEO Asian Business Association, Los Angeles
Bill Imada
Chairman & Chief Connectivity Officer IW Group
Narumi Inatsugu Chief Executive Officer; Rumiville Chief Creative Officer; Joysauce
Susan Jin Davis
Social Impact Officer Al Roker Entertainment
Shau-wai Lam Chairman Emeritus DCH Auto Group
Ian So CEO, Chicken and Rice Guys Co-Founder, Momentium
Fa'amoana Uta'i Entrepreneur / Management / Leadership
Bin Yu Founder / Chairman Utegration, LLC
NATIONAL ACE SPONSORS AND PARTNERS
