For Philadelphia’s AAPI business communities, the path to PPP loans depended on community support

Seven years ago, Justin Lee, a Korean immigrant, took over Fern Rock Hardware, an old-school shop in Olney that had been operated by a Jewish family for 86 years.

However, Lee’s experience highlights the resiliency of the city’s AAPI business communities in spite of these obstacles, and it points to where more resources could be devoted to ensure others are not left behind.Fern Rock Hardware was far from the only AAPI-owned business that was able to obtain federal dollars through a sometimes informal network of community organizations, friends, accountants, younger relatives, and financial institutions.

“They really held our hands and sent any information that could apply to all of those small business owners on the corridor,” said Elisa Kim, T-House’s manager. The organization, like most commercial corridor groups in Philadelphia, has limited resources — its four-person team serves the stretch’s 300-plus businesses.

“We’re a pretty small staff for a big city with a lot of businesses, so we rely a lot on our partnerships,” said James Onofrio, a program manager at the Philadelphia Department of Commerce. Among the top 10 PPP lenders in Chinatown, only four were major banks. In South Philadelphia, where there is a concentration of Cambodian, Vietnamese, and other AAPI-owned businesses, three of the top 10 were major financial institutions. Olney’s top lenders included only two national banks.

“Fintech was really important in getting those funds distributed to minority communities,” said Robert Fairlie, a University of California, Santa Cruz economics professor, who has studied PPP. “There’s no doubt about that.” “It was much more of a hand-holding experience than I think some of the other places were able and willing to provide,” he said.

Belgique Dernières Nouvelles, Belgique Actualités

Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.

Owner of Dallas cryptocurrency company charged with PPP fraudThe owner of a North Texas cryptocurrency company was federally charged on Wednesday with defrauding the Paycheck Protection Program out of hundreds of thousands of dollars.
La source: CBS DFW - 🏆 542. / 51 Lire la suite »

Maple Finance halted Alameda loans in May after seeing 'key weaknesses'After Orthogonal did its diligence in risk management, it claimed today that it spotted certain 'weaknesses' in Alameda's business. Why don’t they want us to know this? common DeFi W
La source: TheBlock__ - 🏆 464. / 53 Lire la suite »