In May 2025, The Asian American Foundation (TAAF) launched our TAAF Cities initiative which aims to spur cross-sector investments and develop innovative solutions that promote economic opportunity, safety, and cultural pride in neighborhoods where the city’s vibrant Asian American and Pacific Islander (AAPI) communities reside. Seattle was our first TAAF City and now TAAF Cities is expanding to New York City—a next step in our commitment to drive historic public and private investments to tackle our community’s greatest challenges.
Why New York?
- New York City is home to iconic ethnic enclaves and some of the nation’s fastest-growing AAPI populations, now nearly 2 million strong. The city is also powered by thousands of small AAPI-owned businesses. According to 2023 estimates, AAPI-owned businesses generate $72 billion in annual revenue, employ over 327,000 people, and help to caretake cultural traditions passed down through generations.
- But in the wake of the COVID-19 pandemic, safety and economic challenges remain top of mind for many residents. In 2023, 1 in 5 Asian American New Yorkers reported being physically assaulted in the previous 12 months. Meanwhile, AAPI businesses devastated by the pandemic’s economic shocks are struggling to access the resources needed to survive due to limited access to capital, language barriers, and discrimination.
Our Approach
TAAF Cities unites local community, government, business, and nonprofit leaders to co-create innovative, community-rooted solutions across New York City.
01
Lead with Research
Grounded in our NYC-focused safety and business studies, TAAF conducts rigorous research to identify the most pressing needs facing AAPI communities — translating data into action and equipping local grantees with the insights to drive meaningful change.
02
Convene and Build Coalitions
We convene cross-sector leaders — from community organizations to government agencies to private enterprise — to develop tailored, locally-driven solutions centered on economic opportunity and collective power.
03
Pilot Solutions
TAAF Cities empowers communities to invest in their own futures. Through strategic grantmaking, we identify and fund high-potential solutions that directly address our community's most urgent challenges.
04
Scale Programs
Working alongside co-funders and community partners, we are committed to building long-term, sustainable impact. The most effective pilot solutions are scaled nationally — supported by multi-year funding commitments and robust capacity-building for local nonprofits.
Meet the NYC Elevating Business Loan Program
A $5.5 Million Initiative to Fuel Small Business Growth
On March 10, 2026, TAAF, the Social Justice Fund, Renaissance Economic Development Corporation, and the State of New York launched the groundbreaking NYC Elevating Business Loan Program, which will offer loans, free financial counseling, and multilingual training services to small businesses looking to adapt and expand.
The initiative represents a coordinated effort by philanthropic, government, and private sector leaders to expand access to affordable capital for entrepreneurs across New York City’s five boroughs. Led by an initial investment of $1 million from the Social Justice Fund and $500,000 from The Asian American Foundation, the fund catalyzed an additional $4 million in lending capital through Empire State Development, New York’s chief economic development agency.
Small business owners interested in applying can visit share.taaf.org/elevatingbusiness, email info@renaissancesbs.org, or call 212-964-6022.
01
Affordable Capital
Small business owners in the five boroughs can apply for low-interest loans of up to $100,000, which they can use to manage cash flow, buy equipment, improve storefronts, and more.
02
Help in Your Language
Entrepreneurs can receive multilingual resources and assistance in English, Chinese, Korean, and Spanish.
03
No-Cost Resources
Small business owners can access free business counseling, financial analysis, and application support to understand and grow their business.
Partners who made this possible
This program is supported by
