Asian-owned businesses see major growth in Massachusetts
SAUGUS - As the economy bounces back from the pandemic, one population is seeing major success in Massachusetts.
"There has been tremendous growth in [Asian-American Pacific Islander] businesses," said Q.J. Shi of the Boston Foundation's Asian Business Empowerment Council [ABEC]. "They are huge contributors of the economy in Massachusetts."
Payroll from Asian-owned businesses in Massachusetts has tripled over the past 18 years – from $1.2 billion in 2002 to nearly $4 billion in 2020.
The ABEC looked at national and local data, surveys and polling.
"Between 2002 and 2017, we saw 156% growth in the AAPI business community compared to 23% of growth across all businesses in Massachusetts – so huge growth," Shi said.
Bob Wong owns the Kowloon Restaurant in Saugus and heads the Massachusetts Asian Restaurant Association.
"I can only go according to my own particular journey," he said.
Seventy-three years in the business, the Wong family credits the Asian culture and their own upbringing as to why the Kowloon is still thriving.
"I grew up in a situation where hard work and watching my parents work long hours in the restaurant business was a part of our lifestyle," Wong said.
"Honestly, I think it's folks who are really resilient," Shi added. "They've gone through a lot as immigrants and refugees and some come from war-torn countries."
The report also showed that Asian-owned businesses are less likely to rely on investors, government funding or big banks.
"Being a small business owner versus working in the corporate world with some of the other panelists, I can see the difference. Certain programs were really important for them to succeed, but for small businesses like myself, we never relied on that," Wong explained.
Instead, pulling resources from family.
The council said perhaps the biggest takeaway from the report is how resilient minority-owned businesses can be.
"I think it's the spirit of surviving and leveraging the resources they have at hand, sticking together with their families," Shi said.