Empowering Asian American and Pacific Islander Communities Through PACE

by Kerry Doi

As a convener of thought leaders in the Los Angeles community, we are pleased to welcome the Chamber's partner and friend, Kerry Doi, President of the Pacific Asian Consortium in Employment (PACE), who was recently appointed to President Biden’s Advisory Commission on Asian Americans, Native Hawaiians, and Pacific Islanders as the guest author of this week’s Business Perspective.

Like all business owners, the Asian American and Pacific Islander (AAPI) business community fought two battles in 2020, one against a public health crisis otherwise known as COVID and one to stabilize/revitalize their business. COVID rhetoric also created a spike in anti-Asian sentiments that hurled the AAPI community to fight a third battle against the uptick of unprovoked and overt hate crimes.

Historically, Asian owned businesses operated in the ‘hardest hit’ industries, a category containing restaurants, beverage establishments, performing arts, and clothing/accessory stores. A survey conducted by UCLA and the Asian Business Association (ABA) revealed that by April 2020, 50% of AAPI businesses closed for a period of time, three-quarters lacked the financial means to make rent, payroll and other common operating costs such as payment to suppliers, and two-thirds sought loans from banks, family, and/or friends.

Although there were available resources, it was not within reach for “non-native English speaking entrepreneurs who faced barriers in finding culturally and linguistically competent support services.” This ran especially true for Asian and Pacific Islander entrepreneurs who reported not knowing where to find help in their native language.

At the expense of already declining profits and at the height of xenophobia, many AAPI owned businesses have had to make the exceedingly difficult and intentional decision to reduce their business hours or shut their doors completely to protect themselves and their employees from being preyed upon, targeted, and even physically attacked.

As the President and CEO of Pacific Asian Consortium in Employment (PACE), a nonprofit community development corporation incorporated in 1976, I initially founded PACE to meet the employment needs of the Asian Pacific Islander communities in the L.A. area. Over the years, services have expanded in response to community needs across all ethnicities. Since PACE Business’ inception in 1992 in response to the Los Angeles riots when PACE addressed the needs of ethnic minority small business owners by helping them to apply for disaster loans, access training, counseling, technical assistance, procurement services, and access to capital.

Through PACE’s subsidiary and a certified Community Development Financial Institution, PACE Finance Corporation (PFC) operates an Economic Development Administration Revolving Loan Fund and is an approved SBA Lender operating the SBA Community Advantage Loan. These loans provide capital so that businesses grow and create jobs with competitive wages and benefits. To date, PACE and PFC has provided, packaged and/or funded more than $500 million in small business loans. In response to the economic and civil fallout from the pandemic, PACE continues to be in the unique position to provide free support services to entrepreneurs to launch, survive, sustain, and pivot/scale their business.

There  is no economic justice without social justice and racial justice.  Happy, healthy and functioning adults lead to happy, healthy and functioning families, neighborhoods, and communities. Only by addressing these issues can we take our first steps back to the America which truly celebrates diversity.​​​