TAAF Cities: NYC Launches with “NYC Elevating Business Loan Program” To Support Small Businesses

Through a new $5.5 million initiative,TAAF––along with the Social Justice Fund, Renaissance Economic Development Corporation, and the State of New York––will support small business growth across the five boroughs through the NYC Elevating Business Loan Program.

Capital has remained out of reach for many AAPIs

New York City is home to nearly 2 million AAPI residents, and AAPI-owned businesses are estimated to generate $72 billion in annual revenue, employ over 327,000 people, and contribute approximately $13 billion in annual payroll for the city. Still, AAPI small business owners face many obstacles in accessing needed funds.

According to TAAF’s 2023 report, AAPI Business Owners in NYC, access to the capital needed to maintain or expand their operations is challenging due to complicated application processes, high borrowing costs, language barriers, and limited awareness of available funding sources. The business owners we spoke to shared the difficulty they experienced in raising capital. One respondent shared how language barriers prevented many people from applying for SBA and bank loans, often leading them to unlicensed and predatory brokers and lenders:

“Language is definitely the biggest obstacle that prevents people from applying. If a Chinese American owner is looking for a loan or funding, it’s very hard for them to approach the institution directly. They tend to go to brokers, like Chinese American brokers. But some are not real licensed brokers. Then you hear frequently about people being trapped to pay many, many fees.”

Providing access and opportunity to small business owners

To address these challenges, the NYC Elevating Business Loan Program will offer loans of up to $100,000, which small business owners can use to manage cash flow, buy equipment, improve storefronts, and more. Assistance will be available in English, Chinese, Korean, and Spanish, and applicants may access no-cost business counseling, financial analysis, and application support. 

This support is much needed for small business owners like Matthew Vuong, owner of Pho Table and a recipient of one of the program’s first loans. Vuong is a Chinese-Vietnamese American, and the son of a first-generation immigrant and restaurant owner. With help from his father, he and his friend were able to open their first restaurant. But when the time came to expand, banks wouldn’t provide financing to a relatively new business. Vuong was referred to the NYC Elevating Business Loan Program, and with the financing they received they were able to grow the business and open two more locations. 

“Access to capital is one of the toughest challenges for a small business owner looking to grow,” Vuong said. “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.”

This type of investment doesn’t just help individual businesses—it supports the community at large. Clara Wu Tsai, founder of the Social Justice Fund and Governor of the New York Liberty, spoke about the net benefits to supporting small businesses.

“Small, local businesses are the backbone of a thriving community,” Tsai said. “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.”

Led by an initial investment of $1 million from the Social Justice Fund and $500,000 from TAAF, the fund catalyzed an additional $4 million in lending capital through Empire State Development, New York’s chief economic development agency. 

Businesses in the five boroughs of NYC are eligible to apply, and those based in Brooklyn will be eligible for affordable capital thanks to the Social Justice Fund’s investment in the program, reflecting its longstanding commitment to supporting entrepreneurs in Brooklyn and across the city. The program will be operated by Renaissance, a U.S. Treasury-certified Community Development Financial Institution (CDFI) and affiliate of Asian Americans for Equality (AAFE), which has supported under-resourced entrepreneurs since 1997.

Where to learn more 

You can learn more about TAAF Cities: New York City here. 

Small business owners interested in applying can visit share.taaf.org/elevatingbusiness, 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.

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