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Grants for Asian American Businesses
If you are an Asian American or AAPI business owner, you are part of a tremendously vital economy. You also know that securing financial resources is a must for businesses to launch, expand, or sustain their operations. At American Funding Group, we help Asian American owned businesses qualify for and obtain small business grants.
What Is A Business Grant?
Small-business grants are financial awards bestowed upon companies to foster specific goals or encourage certain outcomes. Unlike loans, small business grants don't require repayment, making them akin to monetary gifts. They serve various purposes, from supporting business launches to enhancing operational efficiency and facilitating expansion.
The landscape of small-business grants encompasses five primary categories:
Federal grants
State or regional grants
Corporate grants
Specialty grants
Startup grants
Each category is tailored to address different business needs and stages of development, providing targeted support across the entrepreneurial journey.
A subset of these grants is specifically tailored for minority-owned businesses, with a particular emphasis on those led by Asian American and Pacific Islander (AAPI) entrepreneurs. These grants, offered by government agencies, private organizations, or foundations, are designed to empower and support Asian Americanbusiness owners. By providing non-repayable funds, these grants aim to help Asian American entrepreneurs start, grow, and sustain their enterprises, thereby promoting diversity and inclusion in the business world.
Asian American Owned Businesses Statistics
According to the White House Initiative on Asian Americans and Pacific Islanders, the Asian American or Pacific Islander (AAPI) population is the most rapidly growing ethnic group in the country and is expected to increase to over 40 million individuals by 2060. AAPIs have helped build a strong and vibrant America. Generations of Asian American individuals, families, and communities are composed of diverse and varied ethnicities, languages, and cultures, and include residents of United States Pacific Island territories and freely associated states.
Many of the more than 2.9 million AAPI-owned enterprises are small sole-proprietorships that need assistance to access available resources such as business development counseling, small-business loans, and government procurement opportunities. According to a survey conducted by Bank of America, 37% of Asian American business owners don’t feel sufficiently informed on how to apply for capital and 23% don’t know where to apply.
Asian American owners make up 6.2% of all small businesses in the U.S. AAPI-owned businesses are most concentrated in California, Florida, Illinois, New Jersey, New York, and Texas. These businesses provide employment for 4.6 million workers.
22% of Asian American-owned businesses are in the Food and Beverage industry.
To qualify as AAPI-owned, a business must be at least 51% owned by persons of Asian or Native Hawaiian and Pacific Islander origin.
If you are a Asian Americanentrepreneur, you are part of a dynamic and growing community that significantly impacts the U.S. economy. Your business not only provides valuable goods and services but also creates jobs and fosters economic growth in your community and beyond.
Benefits Of Asian American Business Grants
Grants for Asian American businesses offer multiple benefits for the growth and success of your enterprise.
Here are some key benefits of business grants:
No Repayment Required: Unlike loans, grants do not need to be repaid. This means businesses can utilize the funds without worrying about interest rates or debt accumulation, freeing them to focus on growth and development.
Access to Capital: Grants provide essential capital that can be used for various purposes, including marketing, hiring, purchasing equipment, and expanding facilities. This type of financial boost can be a game-changer for small businesses looking to scale.
Economic Development: Grants aim to stimulate local economies by supporting businesses that create jobs and contribute to community well-being. By securing a grant, your business can actively participate in regional development initiatives, contributing to the growth and prosperity of your community.
Recognition and Credibility: Receiving a grant can positively impact your business's reputation, signaling to customers, employers, and partners that the company is credible and worthy of support.
Types of Asian American Owned Businesses That Can Qualify for Grants
Asian American and AAPI businesses have access to a wide range of grant opportunities, for various industries and business types. At American Funding Group, we help businesses across all sectors navigate the grant application process. Here are just a few examples of businesses that can qualify for grants:
Restaurants: Did you know that 19% of restaurant firms in the US are Asian-owned? Asian-owned restaurants are eligible for a variety of business grants, ranging from local to nationwide. These funds can be directed towards initiatives like menu innovation, marketing efforts, equipment upgrades, and staff training programs.
Retail Trade: Retail trade is a significant sector for Asian American owned businesses, accounting for 11.9% of enterprises and encompassing a wide range of stores selling goods directly to consumers, from small specialty shops to larger retail outlets. These grants can support a wide range of initiatives in the retail trade sector for Asian American owned businesses, including technology upgrades, inventory expansion, marketing efforts, staff training, store renovations, e-commerce development, and operational improvements
Transportation and Warehousing: Transportation and Warehousing is another large sector for Asian American entrepreneurs, accounting for 9.5% of AAPI-owned enterprises. This industry covers a wide range of services, including trucking, logistics, warehousing, and distribution centers. Business grants in the transportation and warehousing industry can be used for initiatives such as fleet modernization, implementing advanced logistics software, adopting clean energy technologies, improving safety protocols, expanding warehouse automation, and investing in workforce training programs.
Healthcare, childcare and social assistance: Health Care and Social Assistance accounts for 9.8% of Asian Americna owned enterprises and includes medical practices, hospitals, nursing facilities, and social assistance programs. Business grants can cover the costs of leasing new office space, purchasing medical equipment, and marketing the new locations to attract clients. A home healthcare agency could use grant funds to open new branches in underserved areas, increasing access to essential healthcare services for more patients.
Small Business Grant Options For Asian American Businesses: Receive Free Money For Your Business
Our database contains hundreds of grant opportunities for Asian American businesses. Below are just some of the many grants available to businesses like yours:
AAPISTRONG Small Business Grant: AAPISTRONG provides 100 cash grants totaling $2 million to AAPI-owned small businesses. This initiative aims to fuel the aspirations and boost the trajectories of Asian American entrepreneurs, helping them overcome challenges and thrive in their respective industries.
Gold House Ventures: Gold House Ventures invests in Asian and Pacific Islander (API) entrepreneurs through a startup accelerator program. This program focuses on companies that are transforming industries, providing not only funding but also mentorship and resources to help businesses scale effectively.
FoundHer: FoundHer is an accelerator program specifically designed for Native Hawaiian, Pacific Islander, and Asian women entrepreneurs. The program has awarded $240,000 to ten companies so far, aiming to empower women-led businesses through funding and support.
Asian Women Giving Circle: The Asian Women Giving Circle funds projects led by Asian American women artists and community groups. With over $1 million distributed to activist groups and organizations, this grant focuses on promoting social change through creative initiatives.
Asian Pacific Community Fund (APCF): APCF distributes grants to nonprofit organizations serving low-income and underserved communities. Having allocated over $1.6 million across more than 260 grants, this fund supports various community-focused projects that uplift the Asian American population.
Inclusive Backing by American Express and Main Street America: This year-round program offers $1.65 million in support to economically vulnerable small businesses. It aims to provide resources, mentorship, and financial assistance to help these businesses navigate challenges and grow sustainably.
Gold Futures Challenge: The Gold Futures Challenge offers awards ranging from $25,000 to $100,000 for AAPI-serving organizations registered as 501(c)(3) nonprofits or government organizations. This grant encourages innovative solutions that benefit the AAPI community.
SAFE Gold House Ventures: SAFE Gold House Ventures provides a $150,000 investment for each winner through a 12-week startup accelerator program. Participants receive advising, masterclasses, and networking opportunities designed to enhance their business acumen and growth potential.
National ACE and Verizon Small Business Digital Ready Program Grant: This grant offers $10,000 to small businesses that complete courses or events in the Small Business Digital Ready Program. It emphasizes digital transformation, helping businesses enhance their online presence and operations.
Greg Hill Foundation and GrubHub Community Fund Grant: With a total of $1.25 million dedicated to supporting small business restaurants, this grant includes a portion specifically for minority-owned businesses. It provides funding for technology, equipment, marketing, and staff training to help these establishments thrive.
Are you an Asian American entrepreneur ready to take your business to the next level? Now is the perfect time to seize the opportunities available to you! From local Small Business Development Centers (SBDCs) to national and private grant programs, the resources are at your fingertips.
Requirements for Asian American Entrepreneurs Applying For Business Grants:
Applying for business grants as an Asian American entrepreneur involves several key requirements and steps to ensure your application is competitive. At American Funding Group, we have streamlined the requirements to create a straightforward application process for you:
» You must be a business owner in the United States
» You must have an active LLC, S-Corp, or S-Corp and an Employer Identification Number (EIN)
» You will be able to fill out one form with American Funding Group and answer 30+ questions to be paired with our best grant.
State-Specific Grants for Asian American Business Owners
Business grants are available for Asian American entrepreneurs from every state. Some grants are county-specific, supporting the goals of local communities and economic development. Other grants are available regardless of the county or state in which your business is located. We have helped entrepreneurs from all over the country apply for grants and obtain funding:
Alabama
Alaska
Arizona
Arkansas
Colorado
Connecticut
Delaware
Hawaii
Idaho
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Rhode Island
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
West Virginia
Wisconsin
Wyoming
American Funding Group Helps Asian American Owned Businesses Obtain Grants and Funding
Navigating grant applications can be daunting, especially for busy entrepreneurs managing various tasks. At American Funding Group, we specialize in helping business owners identify and secure the necessary grants to support their growth and success.
Here's how we support minority business owners through the process:
✓ You fill out a single application form on our website.
✓ Our system searches 7,000 grants
✓ Auto-apply for grants every month with our portal
✓ Grants are provided and distributed by private and federally-funded institutions listed on:
https://a4cb.org/services/grants
https://www.decaturedc.com/b2b
✓ The average approval rate for obtaining a grant is 30% to 40%.
✓ Once your grant is approved, it may take the grantor who approved it 30 to 90 days to distribute the funds to you.
Apply For Grant Funding Today
Asian American grants offer businesses a valuable chance to secure the funding needed for growth and success. Whether launching a new venture, expanding an existing one, or seeking specialized support as a minority entrepreneur, various grant programs are available to help achieve these goals.
At American Funding Group, we streamline the grant application process for you, so you can secure funding and take your business to the next level. Tap into your business's potential with American Funding Group and take the first step to apply for a business grant today.
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