On Tuesday, May 14, Isabel Casillas Guzman, the SBA Administrator, conducted a roundtable with Asian American, Native Hawaiian, and Pacific Islander (AANHPI) business leaders. The meeting was organized to celebrate AANHPI Heritage Month and to discuss ways in which the Biden-Harris Administration can further support entrepreneurship within the AANHPI community.
During the roundtable, Administrator Guzman spoke alongside Senator Mazie Hirono, Congresswoman Judy Chu, Deputy Assistant to the President & AANHPI Senior Liaison Erika Moritsugu, and White House Initiative on AANHPI Executive Director Krystal Ka'ai. Following their remarks, they heard from representatives of the AANHPI community and business organizations about challenges and opportunities for AANHPI entrepreneurs in small business ownership, government contracting, manufacturing, and technology.
After a decline between 2017 and 2020, SBA loans to AANHPI-owned businesses have been increasing under the Biden-Harris Administration. Total loans have risen by 44%, while total loan dollars have grown by 36%. Since President Biden took office, federal contracting dollars allocated to AANHPI-owned small businesses have seen a substantial increase – an additional $2.1 billion for Asian American-owned small businesses and $2.8 billion for Subcontinent Asian American-owned small businesses.
AANHPI entrepreneurs own over 3 million small businesses across America. These businesses employ more than 5.2 million people and generate $958 billion in sales annually. Under the Biden-Harris Administration's leadership, members of the AANHPI community are investing in themselves and their ideas – this belief and spirit is contributing significantly to America’s flourishing small business economy. During AANHPI Heritage Month, the SBA is celebrating the resilience, entrepreneurial spirit, and economic contributions of the AANHPI community.
For follow-up interview requests for Administrator Guzman, please contact Rebecca Galanti at Rebecca.Galanti@sba.gov.
About the U.S. Small Business Administration
The U.S. Small Business Administration (SBA) is committed to powering the American dream of business ownership. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA provides entrepreneurs and small business owners with the resources and support they need to start, grow, expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.