AAPI Small businesses in New York City get a boost from new fund

A new loan program is available for small businesses in New York City.

It’s no secret that the heartbeat of New York City isn’t found in the glass towers of Midtown—it’s in the AAPI-owned noodle shops in Flushing, the bodegas in Sunset Park, and the bustling storefronts of Manhattan’s Chinatown. 

However, for too long, Asian American entrepreneurs have been running on grit and pocket change while traditional banks looked the other way.

"Small, local businesses are the backbone of a thriving community," said Clara Wu Tsai, founder of the Social Justice Fund and Governor of the New York Liberty. "Investing in their success creates a ripple effect of economic opportunity across New York City. We are proud to partner with Renaissance and TAAF and look forward to seeing the continued growth of the businesses receiving this support."

That’s why the launch of the NYC Elevating Business Loan Program feels like a rare win for the community. With $5.5 million on the table, this isn't just another government press release; it’s a lifeline. 

For a mom-and-pop shop, a $100,000 low-interest loan is the difference between fixing a broken walk-in freezer or finally expanding into the space next door.What makes this shift different is the muscle behind it. The Asian American Foundation (TAAF) isn't just cutting a check; they are tackling the systemic "wall" that keeps immigrant business owners out of the room. 

By putting up $500,000 to unlock millions more in state funding, TAAF is betting on the fact that AAPI businesses—which already pump $72 billion into the city's economy—can do even more if they aren't strangled by predatory lending or language barriers.

Eligibility requirements

• The program is specifically tailored for under-resourced entrepreneurs who may not qualify for traditional bank loans.

• Your business must be located within the five boroughs of New York City.

• The program supports small business owners, including those in AAPI and other underserved communities.

FYI: Small business owners interested in applying can visit https://www.renaissancesbs.org/loan-program/nyc-elevating-business-loan-program, email info@renaissancesbs.org, or call 212-964-6022. Assistance will be available in English, Chinese, Korean, and Spanish, and applicants may access no-cost business counseling, financial analysis, and application support.

The real game-changer? 

The multilingual support. We’ve seen it before: a brilliant entrepreneur with a solid business plan gets derailed by a 50-page application in a language they haven't mastered. By offering counseling in Chinese, Korean, and Spanish, this program acknowledges that "accessibility" means more than just a lower interest rate.

One of the program's first loans was awarded to Brooklyn entrepreneur Matt Vuong, owner of Icedu Inc. d/b/a Pho Table. "Access to capital is one of the toughest challenges for a small business owner looking to grow," said Matt Vuong. "The NYC Elevating Business Loan Program made a real difference for me by providing funding to hire new staff and do more marketing to spread the word about our restaurant. The loan application process was simple and fast, and I'm really grateful for their support."

For the AAPI community, this is about economic sovereignty. It’s a move toward ensuring that the neighborhoods we built stay in our hands, even as the city gets more expensive by the day.

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