Updated: Oct 28, 2022
October 26, 2022
Chicago, IL – One Stop Beauty Wins Grant for AAPI-Owned Small Businesses
Cash grants awarded to >100 AAPI-owned small businesses across the country through the AAPISTRONG: Small Business Grants from National ACE and Reimagine Main Street
Chicago, IL -- One Stop Beauty is one of 102 Asian American and Pacific Islander (AAPI)-owned businesses selected to win a grant through AAPISTRONG: Small Business Grants, a program presented by the National Asian/Pacific Islander American Chamber of Commerce and Entrepreneurship (National ACE) and Reimagine Main Street, a project of the Public Private Strategies Institute, with financial support from Meta.
“Quote from Small Business Owner”
One Stop Beauty Salon Inc. started in 2011 as a salon on the corner of Division and Kostner, on the west side of Chicago. As of today, One Stop Beauty Salon Inc. has expanded from a salon to a second facility to train future nail technicians and estheticians.
This grant will help us pay for loans we have taken to renovate our salon and help our marketing for One Stop Beauty School.
The wake of the pandemic left many unemployed with uncertainty and desperation to succeed. In the realm of social media, the industry is currently saturated with unlicensed “enthusiasts”. One Stop Beauty School’s mission is to empower beauty professionals to become entrepreneurs, while restoring the industry’s integrity and standards, through proper licensing and credentials.
AAPI small business owners in the United States were hit hard by the effects of the COVID-19 pandemic and continue to face challenges in its wake. A national survey released by National ACE and Reimagine Main Street in May 2022 found that 72 percent of AAPI respondents reported large or moderate negative effects of COVID-19. The survey also revealed that AAPI small business owners were among the least likely to report that ‘business is back’, and some of the slowest to recover from economic disruptions caused by the pandemic. Against this backdrop, access to capital is a persistent challenge. About 40 percent of AAPI respondents lacked confidence to fund an unplanned $5,000 business expense, and over half lacked confidence they could fund the initiatives that would propel their small business to the next level, such as a marketing campaign, increasing payroll, or purchasing property or equipment.
Today’s announcement is made possible with the support and partnership of AAPI community organizations across the country and with financial support from Meta.
Reimagine Main Street, National ACE, and other AAPI business support organizations launched the AAPISTRONG: Small Business Grants program to assist AAPI-owned small businesses recover from the effects of the pandemic. The cash grants can help pay employees' wages, expand operations, renovate for new business needs, upgrade equipment, explore e-commerce offerings, and/or repair damage to the place of business. Meta provided financial support for this small business grants program. The cash grants will be reinvested back into Main Streets across America and bear fruit for many years to come.
“AAPI small businesses breathe life into our communities, but have been facing one challenge after another in recent years. From global supply chain disruptions, to inflation, high fees, and discrimination,” said Chiling Tong, President/CEO of National ACE. “We are always excited to directly assist small business owners such as Bibi Hernandez who made it through.”
“AAPI-owned small businesses have been hit particularly hard by the economic and social consequences of the pandemic and often have been slower to recover,” said Tammy Halevy, Executive Director of Reimagine Main Street. “Small businesses need support as they seek to recover and grow in a period of unique economic uncertainty. We are delighted to partner with National ACE to provide meaningful support to AAPI-owned small businesses that are the center of thriving communities across the country.”
About National ACE
National ACE’s mission is to serve as a strong advocate of AAPI business interests and effect positive change on all issues that enhance and advance the goals and aspirations of AAPI business owners, entrepreneurs, and corporate leaders. With over 70 affiliate chambers of commerce and minority business organization partners throughout the country, National ACE strives to support and promote issues that impact the AAPI business community by improving economic development and impact, advancing coalitions and enhancing community building, and fostering the next generation of AAPI entrepreneurs and executives. National ACE provides a unified voice for the business interests of AAPIs nationally. Learn more at: www.nationalace.org
About Reimagine Main Street
Small businesses and their workers must rebound from the COVID-19 crisis so that communities thrive and the benefits ripple throughout the economy. We are a multi-stakeholder, cross-sector initiative focused on advancing and uplifting innovative solutions via dialogue and data to ensure that MLK Boulevards, Cesar Chavez Ways, Chinatowns, and Main Streets are at the center of our recovery. Reimagine Main Street is a project of the Public Private Strategies Institute. Learn more at: https://www.reimaginemainstreet.org/