During Asian American and Pacific Islander Heritage Month, the Export-Import Bank of the United States (EXIM) joins in celebrating the diverse cultures, achievements, and contributions of the nation’s 24 million Asian Americans.
To celebrate AAPI Heritage Month and honor that lasting legacy, EXIM is highlighting its trade finance tools for supporting minority-owned businesses.
“During Asian American and Pacific Islander Heritage Month, our nation recognizes Asian Americans, Native Hawaiians, and Pacific Islanders and applauds their innumerable contributions, vibrant cultures, and rich heritage,” said EXIM President and Chair Reta Jo Lewis. “The Export-Import Bank of the United States is pleased to join the celebration, honoring AAPI communities that have long played an essential role in writing the American story and fulfilling the promise of America for all.”
EXIM President and Chair Reta Jo Lewis celebrates Asian American and Pacific Islander Heritage Month. You also can view her message here.
Exporting Fuels Growth for Businesses of All Sizes
The most recent data from the U.S. Census Bureau underscores the economic impact of businesses owned by Asian Americans, which account for approximately 1 of every 10 U.S. businesses. The Census Bureau found that in 2020:
- There were 612,194 businesses owned by Asian Americans.
- Those businesses generated $841.1 billion in annual receipts.
With 95 percent of the world’s consumers living outside the U.S. borders, companies can grow their businesses and increase their profits by exporting their American-made goods and services around the globe.
“The world is a big place,” said Venkee Sharma, Chairman & CEO of Aquatech International, headquartered in Canonsburg, Pennsylvania. The small business, which manufactures water purification and treatment systems, has used both EXIM’s Export Credit Insurance and Working Capital Loan Guarantee to support exports to more than 60 countries on six continents.
“If you don't export,” he continued, “I don't see how as a company you're going to scale as a business, how you're going to be able to support your major customers because most of them will be around the world, and how you're going to integrate and ultimately compete in the world. I think it's an extremely important facet to any organization, and it's not just a large organization.”
Helping AAPI Companies Focus on Global Business
To help spread the word about EXIM financing to underserved communities, EXIM’s Minority and Women-Owned Business Division (MWOB) works closely with organizations that have a minority trade focus to create opportunities for U.S. companies that are owned by minorities, women, veterans, and people with disabilities.
In celebration of AAPI Heritage Month, you’re invited to join EXIM’s MWOB team for a special event on Thursday, May 25, 2023, at 2 p.m. EDT:
During this free webinar, you will learn about EXIM’s financing tools and services as well as strategies for successful exporting. The event is being held in partnership with the Asian American Chamber of Commerce and the Fairfax County Economic Development Authority.
Don't miss this opportunity to learn about the help available from the federal government and its partners — register today!
Highlighting the Strength of Diversity
The roots of AAPI Heritage Month date to 1978, when Congress designated a week to honor the contributions of Asian Americans, Native Hawaiians, and Pacific Islanders, which was later expanded to a month. The timing coincides with two milestones in American history: the arrival of the first Japanese immigrants in the United States on May 7, 1843, and the completion of the transcontinental railroad on May 10, 1869, since the majority of workers who laid those tracks were Chinese immigrants.
This year, in proclaiming May as AAPI Heritage Month, President Joe Biden said the nation continues working to put the American dream within reach of all people.
“During Asian American, Native Hawaiian, and Pacific Islander Heritage Month, our Nation celebrates the diversity of cultures, breadth of achievement, and remarkable contributions of these communities; of brave immigrants who, motivated by the promise of possibilities, picked up their lives and found new homes here; of native peoples who have stewarded these lands since time immemorial; and of community leaders shaping a brighter future for us all,” President Biden said. “Throughout our history, they have represented the bigger story of who we are as Americans and embodied the truth that our diversity is our strength as a Nation.”
To find out how EXIM can help your business compete in the global marketplace, schedule a free consultation with a member of the MWOB team and launch your export journey today.