2024 Impact Report

National Asian / Pacific Islander American Chamber of Commerce and Entrepreneurship

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.

Chiling Tong President & CEO NationalTong ACE Chiling President & CEO National ACE

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

Three Pillars

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 PROGRAMS & GRANTS

entrepreneurship and growth.

COMMUNITY ENGAGEMENT

ADVOCACY

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.

National ACE Board of Directors at the 2024 Annual Conference. (Santa Clara, California)

State of AAPI Business Today Do you think now is a good time to be a restaurant owner?

Top Challenges

Somewhat 27.6% Absolutely, Yes 36.8%

24% Lack of Digital Presence 29% Unable to Find Workers 30% Lack of a Rainy Day Fund 36% Slow Foot Traffic 66% Inconsistent Cash Flow / Capital

Absolutely Not 3.1%

Not Really 18.1% Unsure 14.3%

In 2024, National ACE distributed $1.3 million in grants to 170 restaurant owners. We asked them what their biggest barriers are and we gained insights on the challenges and opportunities that lie ahead.

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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.

National ACE at the CRP East Coast Hub Opening.

(Arlington, Virginia)

Year One Results

$38.6M 700+

in funds connected to small businesses in the first year

entrepreneurs in the program

National ACE spoke at the MBDA National Training Conference. (Miami, Florida)

300+

participants in 3 virtual accelerators and incubators

Learn More Learn more: nationalacre.com/capital-readiness-program 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)

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National ACE Impact Report 2024

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.

CAPITAL READINESS PROGRAM COMPONENTS: CAPACITY BUILDING

FUNDING ACCESS

National ACE Impact Report 2024

NETWORK BUILDING

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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.”

JP Pani & Laukau Loelu: Grand Prize Winner at the 2023 National ACE Conference. (Las Vegas, Nevada)

Restaurant Fund Grand Prize Winners at the 2024 Annual Conference. (Santa Clara, California)

Three grant winners at Minority Women Lead in August 2024. (Irvine, California)

Grant Metrics How will you use your Grant Award?

$9.4M

total grants given since 2021

70%

Purchasing Equipment

Enhance Marketing and Advertising

$1.27M

in grants distributed in 2024

Expansion/ Renovation

Purchasing Product

1,019

total grants given since 2021

Update Digital and E-Commerce

Upgrade Technology

6

66%

NationalACE ACE Impact Impact Report National Report2024 2024

53% 44% 42% 34%

GRANT IMPACT

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.”

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!”

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.”

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NATIONAL ACE SIGNATURE EVENTS Lunar New Year

Washington, D.C.

Houston, Texas

Las Vegas, Nevada

National ACE had the honor of

National ACE partnered with the

National ACE joined the Las Vegas

co-hosting the Lunar New Year

Houston Asian Chamber of

Super Bowl LVIII Host Committee to

celebration with Vice President

Commerce to host the Year of

kick off the inaugural NFL/Super Bowl

Kamala Harris and Second

the Dragon Reception.

Lunar New Year media night.

Gentleman Douglas Emhoff at their residence in Washington, DC.

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.

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National ACE Impact Report 2024

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.

800+ Attendees

70+ Speakers

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NATIONAL ACE

SMALL BUSINESS ROUNDTABLES The Small Business Roundtables offer business owners a platform to engage with government officials and corporate leaders on critical topics such as business challenges, access to capital, language support, digital literacy, workforce development, and local market recovery. Held in partnership with our strategic chambers and corporate partners nationwide, these roundtables foster discussions that help identify and expand resources for small businesses. National ACE has hosted 34 in-person Small Business Roundtables nationwide, including 19 roundtables with key Congressional offices on Capitol Hill.

2024 Roundtables Arlington, VA Atlanta, GA Charlotte, NC April 5, 2024 - New Jersey Roundtable

Chicago, IL Dallas, TX Houston, TX Iselin, NJ Las Vegas, NV Los Angeles, CA Miami, FL

October 2, 2024 - New York City Roundtable

New York City, NY Sacramento, CA Salt Lake City, UT San Francisco, CA Seattle, WA Washington, D.C. (19 Congressional Meetings)

May 16, 2024 - Roundtable with Judy Chu

2024 Roundtable Metrics

10

34

900+

16

Roundtables

Attendees

Cities

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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.

January 10, 2024 - Atlanta Economic Summit

1,303+ Attendees

July 2, 2024 - Minnesota Economic Summit

January 10, 2024 - Atlanta Economic Summit

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August 7, 2024 - SoCal Economic Summit

National ACE Impact Report 2024

NATIONAL ACE ADVOCACY

Empowering Entrepreneurs and Small Business Owners

2024 Legislative Priorities

National ACE is committed to strengthening the business community through connecting entrepreneurs to resources and advocating business-friendly policies.

Digital Access

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.

Artificial Intelligence

Representation & Leadership

Advancing Health Outcomes

Supplier Inclusion

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

We fortify our advocacy through meaningful partnerships with national diverse chambers. We ally with the U.S. Hispanic Chamber of Commerce, U.S. Black Chambers, Inc., the U.S. National LGBT Chamber of Commerce, and the National Minority Supplier Development Council, in addition to partners from the Small Business Roundtable and Reimagine Main Street networks, to strengthen our collective voice.

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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.

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National ACE Impact Report 2024

NATIONAL ACE NOTABLE SPEAKERS

24th U.S. Secretary of Labor and 18th U.S. Secretary of Transportation Elaine Chao

Senator Ted Budd (NC)

Senator Tim Scott (SC)

Jon M. Chu

Governor Spencer Cox (UT)

Congresswoman Young Kim (CA-40)

Congressman Ted Lieu (CA-36)

Congressman Jake Ellzey (TX-06)

Congresswoman Judy Chu (CA-28)

Congresswoman Grace Meng (NY-06)

Congresswoman Marilyn Strickland (WA-10)

U.S. Trade Representative Katherine Tai

Utah Attorney General Sean Reyes

MBDA Under Secretary Donald Cravins Jr.

Nevada Lieutenant Governor Stavros S. Anthony

Secretary of California

U.S. Treasury Deputy Assistant Secretary Jeanette Quick

Arizona State Treasurer Kimberly Yee

U.S. Small Business Administration Deputy Administrator Dilawar Syed

Senator Andy Kim (NJ)

Director of Crazy Rich Asians and Wicked

Government Operations Agency Amy Tong

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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

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

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)

16

Multigenerational Households

National ACE Impact Report 2024

Less than

40%

of our Small Business Roundtable attendees reported employing digital tools or ecommerce in their day-to-day business operations.

National ACE Impact Report 2024

SURVEYS & RESEARCH Paid Leave Survey 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.

Retail Investments & Access to Capital 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.

the Self-Employed 70% ofRespondents 60% Total Respondents

How Has a State-Facilitated Paid Family Medical Law Positively Impacted Small Businesses

62%

Positive Impact on Employee Morale

Enhanced Employee Retention

Cost Savings for Businesses

55%

48%

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.

34%

Proactive Utilization of State Programs

24%

National ACE Impact Report 2024

24% of owners have already engaged with state paid family medical leave programs, indicating a proactive approach towards providing this benefit to employees.

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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 ACE NextGen Metrics Entrepreneurs 2,000 AAPI in our Network

$280M in member revenue Social Media 445,930 Total Impressions

14,448 Total Engagements 106 Business Workshops / Events 11 Chapters

Boston Chicago Houston Las Vegas Miami New York

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National ACE Impact Report 2024

New Jersey Philadelphia Southern California Washington, D.C. The Bay Area

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COMMUNITY REACH

Press Metrics 36 Press Mentions Social Media Metrics Our Social Media Channels

225,667 Impressions 7,584 Total Followers 20,000 Email Subscribers 15,053 Engagements

National ACE featured on Chicago Tribune, Business Wire, and the U.S. Senate Committee on Commerce, Science, and Transportation articles.

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National ACE Impact Report 2024

NATIONAL ACE BOARD OF DIRECTORS

Thear Suzuki

Joon Kim

National ACE Board Chair Global Client Service Partner EY

Associate Vice President, External Affairs Comcast

Pat Fong Kushida Jason Chan Director, External & Public Affairs, Strategic Alliances; Chief of Staff to President, State External & Legislative Affairs AT&T

President & CEO California Asian Chamber of Commerce

Chris Law National Vice President, Asian Initiatives UnitedHealthcare

Angela Chang Chief Strategy Officer KCAL Insurance Agency

Grace Lee President & CEO Ashford Connex, LLC

Dr. Karen Eng Foundation Board Chair President & CEO CSMI

Roberto Llames President & CEO Enterprise Solutions, Inc.

Fa’avae Fa’avae

Manumalo Muasau

Founder & Owner F2 Manufacturing and Island Avenue

Founder ManuMental Performance Coaching

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

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

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NATIONAL ACE FOUNDATION BOARD OF DIRECTORS

Dr. Karen Eng

Bill Imada

Foundation Board Chair President & CEO CSMI

Chairman & Chief Connectivity Officer IW Group

Narumi Inatsugu

CY Chen

Chief Executive Officer; Rumiville Chief Creative Officer; Joysauce

Honorary Chairman Global Monte Jade

Susan Jin Davis

Melody Chen

Social Impact Officer Al Roker Entertainment

ACE NextGen Board Chair President, Maruson Technology

Shau-wai Lam

Tracey Doi

Chairman Emeritus DCH Auto Group

Board of Director National ACE Foundation

Ian So

Jimmy Ferguson Owner/Operator; McDonald’s Asian McDonald’s Operators Association (AMOA) President, Maxtab, Inc.

Tammy Funasaki Director Tsuha Foundation

Dennis Huang

CEO, Chicken and Rice Guys Co-Founder, Momentium

Fa'amoana Uta'i Entrepreneur / Management / Leadership

Bin Yu Founder / Chairman Utegration, LLC

Executive Director & CEO Asian Business Association, Los Angeles

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National ACE Impact Report 2024

NATIONAL ACE SPONSORS AND PARTNERS

National ACE Impact Report 2024

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National Asian / Pacific Islander American Chamber of Commerce and Entrepreneurship 1300 Pennsylvania Avenue NW, Suite 700 Washington, DC 20004