SPONSORED CONTENT -- (StatePoint) There are over 1.3 million Asian American women-owned businesses today, generating $265.2 billion in revenue and employing 1.4 million people.
That’s according to the 2024 Wells Fargo Impact of Women-Owned Businesses report, which finds that despite this robust growth and the important contributions these entrepreneurs make to the U.S. economy, systemic racial and gender-based discrimination and barriers put them at a disadvantage.
However, emerging programs and advocacy efforts are helping to level the playing field. Here’s how:
• Capital is the fuel to start and grow businesses, but unfortunately, Asian American women often have a hard time accessing outside financing. In fact, when compared to white-owned businesses, Asian-owned businesses are more likely to apply for outside financing and less likely to receive it. Wells Fargo is working to change that. In 2022, the company collaborated with Community Reinvestment Fund, USA to launch the Small Business Resource Navigator, an online portal that enables Wells Fargo bankers to introduce small business owners to potential financing options and technical assistance through Community Development Financial Institutions (CDFIs). CDFIs work to expand economic opportunity by providing access to financial products and services. By visiting www.bizresourcenavigator.com and completing a short questionnaire, small business owners may be connected to CDFIs or business advisory resources in their area.
• Certification as a women-owned and Asian American-owned business opens doors to business development opportunities and is a growth strategy for Asian American women. Many government agencies and corporations have supplier diversity programs. Wells Fargo is one such corporation that is actively establishing relationships with diverse suppliers. In the past three years, the company spent more than $1.3 billion with certified Asian American suppliers.
• The US Pan Asian American Chamber of Commerce Education Foundation (USPAACC) provides innovative programs that educate, train, develop and connect Pan Asian American and diverse entrepreneurs to business and procurement opportunities with corporations, governments, non-profits, and with each other. USPAACC’s WISE, the Women’s Initiative for Strategic Empowerment, is a national program dedicated to empowering Asian American women in business. WISE is a collective united to cultivate a future rich with accomplished and confident Pan Asian American women who speak authentically in their own voices, support each other, build their circle of influence, create their financial freedom and give back.
• National Asian/Pacific Islander American Chamber of Commerce & Entrepreneurship (National ACE) provides free resources and tools designed to support AAPI business owners in areas such as business plan development, networking, competitive scaling and more. The organization also provides mentorship opportunities, offering personalized guidance from industry experts to assist in setting and achieving business goals.
• Financial institutions like Wells Fargo are leading efforts to support the Asian community through financial education, college scholarships, small business loans, in-language services and support of local and national Asian-focused non-profit institutions and organizations, such as USPAACC and National ACE. The company also is focused on providing comprehensive financial services and expertise to diverse-owned and diverse-led companies by advocating for the programs and partnerships that will help them grow their business.
“With fewer resources, Asian American women-owned businesses are a remarkable blueprint of perseverance, demonstrating growth and resilience in tough times,” says April Schneider, head of Small & Business Banking at Wells Fargo. “Nevertheless, these businesses face unique hurdles that can be overcome with the support of financial institutions, government agencies and non-profits.”
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