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Featured in US China Press

Director of the Small Business Administration visits Chinatown for the first time to support immigrant entrepreneurship
Published July 31, 2023 , 11:43 pm

[Overseas Chinese News ReporterZhang JingReporting from New York on July 31]To celebrate the American federal small To mark the historic milestone of the 70th anniversary of the founding of the SBA, Federal Small Business Administration Director Isabella Casillas Guzman conducted a tour of small businesses across the United States. On the 31st, Guzman officially visited Manhattan Chinatown for the first time. Sanmiwago restaurant calls on entrepreneurs to make good use of SBA loan resources to realize the American dream.

Guzman recently toured small businesses in various cities on the East Coast, and will also go to the West Coast in the future. On that day, accompanied by her entourage and Li Zhiwei, executive director of the Equality Association Commercial Service Center for Revitalization, she visited Sammi Wa Ge Restaurant and tasted the store's special pot stickers. Then head to the New York Stock Exchange to ring the closing bell.

Guzman said that this trip is to celebrate the 70th anniversary of the establishment of the Federal Small Business Administration. Small businesses across the country are booming. There are 12.2 million new business applications in the United States, and there are more than 770,000 in New York. Just like this restaurant, many small businesses Funding is needed for development and expansion. This is her first visit to Chinatown after taking office as director. Businesses founded by immigrants account for one-fifth of all businesses. Their entrepreneurship rate is very high. Realizing the American dream by starting a business is a good way. SBA provides small businesses in the Asian and Pacific Islander community. Provide all financial and technical assistance needed for development. The SBA provides more than $40 billion in funding to small businesses annually and partners with nonprofit community lenders like Revitalize Business Services, which can provide small business language and technical assistance.

Liu Xishu, CEO of Sammi Wago, said that their first restaurant opened in Chinatown will be in 2021, located on M Street. This restaurant on Bowery Street opened in early January 2023. The cost during the renovation exceeded the budget. Through The Revitalization Business Service Center applied for a small loan of 50,000 yuan from the SBA to help the restaurant complete renovations and purchase machinery. The opening concept of the second restaurant was derived from the fact that restaurants in Chinatown were closed during the epidemic, and everyone had no place to have dinner. Therefore, despite the concerns about public security in Chinatown, they still decided to open until two or three in the morning. The bright lights can also bring excitement to diners. Come to feel safe.

Li Zhiwei said that the Zhenxing Business Service Center assists businesses in applying for different types of loans and provides services in Mandarin, Cantonese, Korean, Spanish and other languages. The entire loan application period only takes 2 to 3 weeks, so it is very suitable for businesses that have exceeded the budget for decoration. .

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To celebrate the 70th anniversary of the founding of the Federal Small Business Administration, Director Guzman (fifth from right) visited Chinatown for the first time to support immigrant entrepreneurship and realize the American dream. (Both photos by Zhang Jing)
Guzman tastes pot stickers.
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