Posted at 10:37 AM
Created on May 12, 2014
During Asian American and Pacific Islander (AAPI) Heritage Month, we celebrate the accomplishments of Asian Americans, Native Hawaiians, and Pacific Islanders, and we reflect on the many ways they have enriched our Nation. Asian American and Pacific Islander entrepreneurs and businesses play a vital role in economic growth, job creation, and community revitalization.
This May, the theme for Asian Pacific American Heritage Month (APAHM) is “I Am Beyond.” The phrase captures the aspirations of the American spirit and how Americans of Asian and Pacific Islander descent have always sought to excel beyond the challenges that have limited equal opportunity in America. This year we want to amplify the AAPI voice and highlight the valuable impact the community has made as we go into the 37th year of this celebration of culture. Share your unique story using #IAMBEYOND on social media.
Quick Facts about the Asian Pacific American Business Community
1.5 million Asian American-owned firms in the U.S.
26 percent have paid employees (averaging 7 per firm), and average over $1.1 million in annual receipts.
2.8 million jobs created by Asian American-owned businesses.
Asian American community has $508.6 billion in buying power nationwide.
Exports and Global Reach
Asian American-owned firms that export average $7.5 million in annual receipts, compared to their non-exporting counterparts who average $327,000.
Exports average 16 percent of total revenue for Asian American exporters, compared to 5.5 percent for all U.S. firms with exports.
6.8 percent of Asian American-owned firms export goods and services, compared to 3.2 percent of all U.S. firms. exporters, compared to 5.5 percent for all U.S. firms with exports.
Asian American and Pacific Islander Success Stories
In Fiscal Year 2012, MBDA helped 1,630 Asian American-owned businesses access $268 million in contracts and capital.
MBDA Helps Position Young Construction Company for Future Success
The Honolulu MBDA assisted Trace Industries in getting certified as an Asian Pacific Islander, SBA 8 (a) company.
MBDA Helps Foxit Software Innovate Beyond Borders
“When we were tight on cash flow, MBDA helped us find the right banking service and we got the right cash that we needed to grow our business,” he said. “They have been constantly in contact with us and provide consulting and referral services. We also received information about the government procurement process.”