Asian American entrepreneurs need to take their place in the business community and join together for better representation and support, panelists said at an online event on Wednesday.
The event, sponsored by the state Commission on Women, Children, Seniors, Equity & Opportunity and livestreamed on Facebook, was held as part of National Small Business Week and Asian American and Pacific Islander (AAPI) Heritage Month.
Shirley Chock, owner of Aiping Tai Chi, organizer of the New England Asian-American Cultural Center in Milford and a New Haven Biz Power 25 honoree, moderated the panel discussion and spoke of the cultural issues that can arise in Asian American businesses.
Chock told of her own childhood growing up in a family that ran a small business, where Asian American neighbors would gather in her parents’ jewelry store to socialize and play mahjong.
For many Asian Americans from immigrant backgrounds, businesses often blur the lines between for-profit enterprises, nonprofit agencies and community gathering spots, she said. That can make it difficult for entrepreneurs to navigate the financial system and support systems.
“When we need access to some of these resources and capital, these rules that are established don’t fit with how we function in our communities,” Chock said. “That’s something that I wanted to mention and bring up because it’s a challenge.”
Asian Americans seeking to grow their startups can find it difficult to identify compatible business partners, said Ting Luo, founder of Farmington’s The Green Teahouse restaurant and cafe.
Luo said attempts to open new locations of her business – including one that operated in New Haven from 2014-16 – faltered in part because she was unable to find managers and partners who shared her vision.
Bringing Asian traditions like hospitality to guests into a business can help companies gain support, said A.M. Bhatt, who runs the DAE technology education program in downtown New Haven.
Employees at DAE prepare a pot of soup every day and offer tea and treats like ice cream to help support and motivate students, Bhatt said. He said he draws from his own Indian background to make students feel cared for.
“They get excited about the fact that we cook for them,” Bhatt said. That’s a fundamental human thing. It’s part of our culture – you are a welcome and honored guest.”
Asian Americans who run small businesses should embrace what makes them unique and special and highlight their distinctiveness to thrive, Bhatt said.
Several state officials also spoke at the event, urging Asian American entrepreneurs to sign up to become state and federal contractors and take advantage of new low-interest loan opportunities.
More than $100 million in loan funds is still up for grabs as part of the Connecticut Small Business Boost Fund, said Susan Chen, economic development agent at the state Department of Economic & Community Development. That program, announced last July, is targeted at businesses and nonprofits that have been operating for three years or more. It offers loans between $5,000 and $500,000 with few restrictions on spending, Chen said.
“We encourage everybody who’s needing some capital and growing or improving things or buying things to please come in and consider applying for this loan program,” Chen said.
“We want to do business with you – we want you to participate in these procurement opportunities,” said Meg Yetishefsky of the state’s Department of Administrative Services. She urged AAPI businesses to register for the state’s Supplier Diversity Program to tap into both government contracts and assistance programs.
Asian American businesses receive about 20% of the loans brokered in Connecticut by the Small Business Administration, said John Xu, lender relations specialist. Among the recent beneficiaries is a Fairfield County-based company that has grown to nine locations and 250 employees with the help of SBA loans, he added.
Even as they grow and prosper, Asian American enterprises suffer from their lack of visibility in the larger business community, Chock said in her concluding remarks.
“I don’t see Asian American entrepreneurs and business-owners out in the networking space. I don’t see the AAPI-owned businesses out joining their chambers of commerce,” Chock said. “I really want to encourage people to go out there and get themselves known.”
“It’s time to let people know what is actually being done,” Chock added. “We need to get seen.”
Contact Liese Klein at lklein@newhavenbiz.com.
