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.

EDITOR'S NOTE: For additional commentary, news, views and chismis from an AANHPI perspective, follow me on Threads, on X, BlueSky or at the blog Views From the Edge. 

Alibaba founder is the new owner of the Brooklyn Nets

NEW YORK NETS

Billionaire Joe Tsai and his wife, Clara Wu, watch a New York Nets game last season.

Over the summer, the NBA's New York Nets signed superstar Kevin Durant, Kyrie Irving and DeAndre Jordan, instantly transforming the team to a potential championship contender. But that wasn't the biggest news about the team. Last week, billionaire Joe Tsai bought the team.

The reported sale price of $2.35 billion is a record for a sports franchise, and according to several reports Tsai’s investment is worth at least $3 billion, including his purchase of ownership of Barclays Center.

In buying the team from its Russian owner Mikahail Prokhorov, Tsai becomes the second Asian American owner of an NBA team. The Sacramento Kings is owned by Vivek Ranadivé.

In a statement, Tsai emphasized his commitment “to bring our exciting brand of basketball to our fans.”

“We have an incredible group of players who want to win, and because of their talent and hard work, we are now in a great position to compete. I am thrilled to be partners with winners!”

NBA owners unanimously approved the sale of the Nets to Tsai.

"In addition to being a passionate basketball fan, Joe is one of China's pre-eminent internet, media and e-commerce pioneers and his expertise will be invaluable in the league's efforts to grow the game in China and other global markets," NBA Commissioner Adam Silver said in a statement.

Tsai is best known for being the co-founder of Alibaba– the largest retailer and e-commerce company in the world. Tsai is reportedly worth $9.2 billion according to Forbes. The Taiwanese-Canadian entrepreneur understands how to grow a company, especially with regards to the Chinese market.

While attending Yale, Tsai, who already has homes in New York, California and China, played lacrosse for the Ivy League school.

After landing its three superstars, the Nets gave Caris LeVert a three-year, $52.5 million rookie extension Sunday. It pushed their summer spree past $400 million.

“We already know we have an ownership group that’s ready to fork out the big money when that timing is right,” said general manager Sean Marks said last year, when Prokhorov and Tsai were co-owners.

“We know with our ownership group … you’ve got owners that are committed to building this with a foundation that has some longevity and they’re committed to this, which is great.”

Next month, the Nets will travel to China to play a series of games against the L.A. Lakers, part of the NBA's strategy to increase its market to Asia. Tsai also noted the NBA has a fanatical base of followers in the Philippines and Malaysia.

Indeed, this past March, the NBA and Alibaba announced a partnership to launch an “NBA Section” across all of their platforms. Tsai taking ownership of the Nets will only further solidify the investment both sides have in seeing the league grow its presence in Asia.

Tsai is a Canadian citizen and is frequently seen at Nets games with his wife, philanthropist Clara Wu, a U.S. citizen who grew up in Kansas.

The global entrepreneur's interest in sports goes beyond an investment. He already owns an indoor lacrosse team in the newly formed National Lacrosse League, the Seals, in San Diego and three weeks ago, bought the New York Liberty, the WNBA team in New York.

__________________________________________________________