KEY TAKEAWAYS

• Majority of respondents across both surveys reported negative effects of COVID-19, ranging from catastrophic to moderately negative. 

• About 12-13% reported little to no effect of COVID-19 across both surveys. 

• More than 1 in 6 reported positive effects of COVID-19 in the national survey, whereas less than 1 in 4 reported positive effects of COVID-19 in the regional surveys. 

• Overall optimistic with a majority reporting that ‘business is back’ or that ‘business will survive till end of year’.

• About 1 in 4 did not need additional credit or financing in the last year. 

• Though trust in the government is high and around 40% were able to fulfill their funding needs, many respondents still lack access to sufficient capital to maintain or grow their business.

BACKGROUND

• The last two years have taken a tremendous toll on AAPI small businesses and challenges persist for many AAPI entrepreneurs.

• Against this backdrop, National ACE sought to better understand where AAPI small business owners stand today regarding access to capital, relationships with financial and government institutions, lingering effects of COVID-19, pandemic recovery, and anti-AAPI discrimination.

• The three regional surveys and one national survey together provide a holistic snapshot of the challenges, successes, and concerns facing AAPI small businesses today.

METHODOLOGY

• National ACE fielded online responses from over 700 AAPI small business owners in total for the Spring 2022 and April 2022 surveys.

• The respondents range from diverse industries and backgrounds, with responses from all 50 states, D.C., and Puerto Rico.