On the evening of May 8th, the Asian American Chamber of Greater Philadelphia (AACCGP) hosted the first annual Asian Pacific American (AAPI) Heritage Month Gala at the Philadelphia Live Casino and Hotel, with approximately five hundred attendees. David Oh, President and CEO of the AACCGP, stated that there are around 350,000 Asians in the Greater Philadelphia area, and the chamber aims to assist Asians in starting and developing businesses. He encouraged attendees to network, exchange business cards, and discuss ideas, potentials, and capabilities, emphasizing the crucial role of businesses in the Asian American community.
The president of the AACCGP, Narasimha (Nick) Shenoy, of Indian descent, founded the chamber to promote the development of Asian businesses in the community and enhance interactions and collaborations with mainstream society. Shenoy was honored with a “Lifetime Achievement Award” at the gala.
The event was hosted by Nydia Han, an ABC television host, who praised David Oh for bringing the same dedication, passion, commitment, and hard work he devoted to the Philadelphia City Council to the AACCGP. Oh, the first Asian American city council member in Philadelphia, resigned after serving three terms to run for Mayor.
Vivian Young, Global Head of Island Affairs for JPMorgan Chase’s Asia Pacific region, was one of the keynote speakers at the event. She mentioned that their office was established 22 years ago, with the primary mission of fostering cultural understanding, cooperation, and raising awareness about the issues they face. Young expressed concerns that many AAPI entrepreneurs and workers feel the distance between their dreams and reality due to challenges like inflation, regulatory scrutiny, labor shortages, and supply chain disruptions. However, she highlighted their entrepreneurial spirit, resilience, and innovative thinking that drive their success and contributions to the economy.
Young noted that the U.S. government is beginning to recognize the influence of AAPIs. She shared data stating that there are over 3 million AAPI-owned businesses employing over 5 million workers, generating more than 1 trillion dollars in revenue. To support these businesses, financing totaling nearly 1.2 billion dollars has been allocated since 2021, with a focus on communities like Vietnam and the Philippines. The Treasury Department aims to gather data on AAPIs to provide targeted assistance to historically underrepresented groups, expanding government contracts to AAPI and Pacific Islander businesses to enhance supplier diversity.
Regarding wealth transfer and retirement planning, Young expressed concerns about the lack of knowledge among many business owners on accessing capital, growth, and succession planning. She pointed out that 80% of small businesses lack exit plans, which could impact numerous business owners nearing retirement age, labeling it a “silver tsunami.” Without proper planning, owners might face selling businesses at undervalued rates or worse, liquidating inventory and closing stores, which goes against the immigrant dream of seeking success in the U.S.
Young emphasized her role in providing tools, education, and resources to empower communities to make better decisions for future outcomes and engage in wealth building and transfer for the next generation.
Jae Pyon, Chairman of Durato USA Flooring Company of Korean descent, shared the challenges he faced a decade ago when he first started his company. Despite facing rejections from 4,000 retail partners in the U.S., resulting in a loss of 2.3 million dollars within three months of the company’s establishment, Pyon persevered. Today, his company has offices in three major U.S. cities, offering high-quality flooring sourced from the best origins worldwide. Pyon stated, “We procure all raw materials from the best sources around the world to make everything better for your home and office. That’s our goal.” Durato USA is highlighted as a minority-owned enterprise by ethnic minorities and disabled American veterans committed to providing the best flooring options in the market since 2014.