Last week, U.S. Commerce Secretary Gina Raimondo and Deputy Secretary Don Graves provided opening remarks at the Minority Business Development Agency’s (MBDA) second annual AANHPI Business Summit. They reaffirmed the Biden Administration’s commitment to an equitable and prosperous future for Asian American (AA), Native Hawaiian, and Pacific Islander (NHPI) workers, entrepreneurs, and businesses. The Biden Administration has disbursed over $22 billion in small business loans to AA and NHPI entrepreneurs and achieved the highest Asian American employment and entrepreneurship rates in over a decade.

“The AA and NHPI community are a vital part of America’s ability to compete in the 21st century global economy,” said Raimondo. “At the Commerce Department, we’re working to ensure that all business owners, entrepreneurs, and innovators — regardless of their background or ethnicity — have the support they need to dream, create, and grow.”

Through the Capital Readiness Program, Commerce’s Minority Business Development Agency (MBDA) is working to ensure more underserved entrepreneurs have access to the capital, mentors, and networks they need to launch and scale their businesses. To date, seven of the program’s awardees have developed clear plans to reach AA and NHPI businesses and communities as part of their strategy to serve underserved entrepreneurs.

Last year, MBDA helped AA and NHPI-owned businesses secure over $642 million in capital and contracts, including $472 million for Asian American-owned businesses, $77 million for Indian American-owned businesses, and $92 million for Native Hawaiian and Pacific Islander-owned businesses.

“America’s road to prosperity runs through our minority business community,” said Deputy Secretary Graves. “Together, we can support and uplift AA and NHPI workers, entrepreneurs, and businesses and secure an equitable and prosperous future for all Americans.”

In conjunction with Asian American, Native Hawaiian, and Pacific Islander (AANHPI) Heritage Month, the summit was held at the Commerce Department’s auditorium. Last year, Deputy Secretary Graves announced the auditorium would be named in honor of Norman Mineta, the first Asian American to hold a cabinet position, serving at the Commerce Department and Department of Transportation. During his remarks, Graves unveiled images of plaques that will go on the walls and pay homage to Secretary Mineta’s significant contributions to the Commerce Department, to the Asian American community, and to the Nation.

“Secretary Mineta recognized that America’s diversity is its source of strength,” said Graves. “During his time at the Commerce Department, he worked hard to ensure that all Americans, regardless of race or national origin, could participate in our economy and share in our prosperity.”

Panel discussions were held on access to capital, opportunities in artificial intelligence (AI), and navigating the contracting process. Before closing, Secretary Raimondo asked panel participants to discuss the challenges AA and NHPI businesses face and how the Commerce Department can provide the resources and knowledge needed to succeed.

“It is more important than ever that we double down on our efforts on equity, and we need to hear from you,” said Raimondo. “You know the needs of AA and NHPI businesses better than anyone, and we need you at the table – working with us in the federal government, and your state and local governments, community organizations, and schools.”  
 
The Biden Administration and the Commerce Department are committed to equality and diversity and creating a workplace and an economy that works for all Americans. For more information, see President Biden’s Proclamation to the Nation honoring the history and achievements of the Asian American, Native Hawaiian, and Pacific Islander (AA and NHPI) communities.