Download Proceedings from Impact of the Mortgage and Credit Crisis on Asian Small Businesses Working Meeting (PDF - 349KB)
The Federal Reserve Bank of San Francisco and the Board of Governors of the Federal Reserve System in partnership with the Asian Pacific Islander Small Business Program held a working meeting on July 1, 2008 to discuss the “Impact of the Mortgage and Credit Crisis on Asian Small Businesses.” The meeting brought together local businesses, government officials, not-for profit organizations, and financial institutions to identify the challenges caused by the recent economic downturn and their related solutions.
Many small businesses have been adversely affected by deteriorating economic conditions. Asian Pacific Islander (API) small businesses face unique circumstances stemming from their strong reliance on residential real estate for financing. Like most small businesses, they face similar financial challenges related to a slowdown in sales, rising commodity prices and other operating expenses, and tighter access to credit. However, the substantial drop in real estate values has made access to credit more difficult for API small businesses who rely more strongly on their homes for credit. Increasing financial pressures on API small businesses have been noted by many banks citing the rising number of delinquencies in their API small business loan portfolios. The small business owners’ incomplete understanding of banking and government programs and their limited English proficiency further compound their problems.
The ensuing discussion generated key recommendations by the participants of the meeting to address the impact of the mortgage and credit crisis on API small businesses.
To learn more: Download Proceedings from Impact of the Mortgage and Credit Crisis on Asian Small Businesses Working Meeting (PDF - 349KB) |
Hosted by the Federal Reserve Bank of San Francisco, Federal Reserve Board of Governors, and Asian Pacific Islander Small Business Program