Congresswoman Dr. Judy Chu flew from Washington D.C. to Los Angeles late Thursday and drove herself directly to the Asian Business Night event in Arcadia and announced that she introduced a bill this week called the Entrepreneur Startup Growth Act that will create a grant program to offer affordable business tax assistance and critical business development services entrepreneurs need to grow.
Congresswoman Dr. Judy Chu delivers keynote speech at Asian Business Night Dec. 8. Photo courtesy of Ricky Lau.
She also said she was pleased to have recently won the commitment of the Chairman of the House Small Business Contracting and Workforce Subcommittee to bring a Small Business Development Center (SBDC) back to the San Gabriel Valley. She paused to introduce and thank Todor Trenkov for his work as an SBDC business advisor in the area who works out of his home and holds monthly “Mastermind” seminars at the Arcadia Chamber of Commerce.
Arcadia Mayor Gary Kovacic (c), presents certificate to Congresswoman Judy Chu on behalf of Arcadia Chamber of Commerce Executive Director Scott Hettrick (l), Arcadia Chinese Association President Josephine Louie (2nd from left), and Asian Business Night committee chairman Edward Wong (r). Photo courtesy of Ricky Lau.
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Congresswoman Chu, the ranking member of the Small Business Committee’s Contracting and Workforce Subcommittee and California’s leading advocate for small businesses in Washington delivered a rousing keynote speech suited perfectly for the more than 250 attendees at the fourth Asian Business Night sponsored by the Arcadia Chinese Association and the Arcadia Chamber of Commerce and hosted by the Arcadia Masonic Center. Before she arrived, Arcadia Mayor Gary Kovacic welcomed attendees and thanked the Asian Business Night committee, headed by ACA and Chamber board director Edward Wong.
The event, made possible by Platinum sponsor HSBC Bank, Arcadia Branch, Silver sponsor Southern California Edison Business Solutions, and more than a dozen other booth sponsors with exhibits, featured three experts providing short seminars to help Asian business owners in the San Gabriel Valley to better understand and comply with government regulations and legal issues and create more effective marketing in order to spend less and make more profit.
John Zhong, CPA, spoke about how to ensure you do not pay more taxes than necessary; Attorney Lynn Chao provided guidance on how to save money on trademark registration; and business broker Steve Wang discussed how to create the most value for your business in order to sell at top dollar.
Presentations were made throughout the evening by Arcadia Chinese Association President and Arcadia Chamber board member Josephine Louie, Arcadia Chamber Executive Director Scott Hettrick, and Arcadia Masonic Center representative Sho Tay.
Arcadia Chamber of Commerce Vice President Arlynn Robinson (l) and Chamber Ambassador Vicky Knight
Congresswoman Chu, whose 32nd Congressional District will be realigned next year to encompass Arcadia just as Chu is expected to be running for re-election, described how her grandfather came to the United States with nothing and in search of a better life. He immediately faced the Chinese Exclusion Act, which prevented further immigration and prevented him from becoming a naturalized citizen or being able to vote. And he faced California laws that prevented Asian Americans from owning land or being hired in any corporation. But he persevered and opened up a small Chinese restaurant in Watts and eventually achieved his dreams and has seen his granddaughter, Dr. Chu, become a member of Congress.
Chu said that immigrants have always formed the backbone of this country’s economy. Among the statistics she highlighted to prove her point:
Rose Hills Memorial Park & Mortuary sales director Francine Chiu
* 29% of all U.S. firms are owned by immigrants, a figure that has doubled in the last 14 years.
* Immigrants are 30% more likely go into business for themselves than non-immigrants.
* 25% of all business income in California is generated by immigrant businesses.
“Immigrants are part and parcel of California’s success,” she said. “Without immigrants, nearly half of all of California’s tech start-up companies would not have been created. Without immigrants, California’s great wine and agriculture industry would not exist. Without immigrants, there would not be a Google or Yahoo. Just think about Yahoo founder Jerry Yang, whose mother decided to move him from Taiwan to San Jose when he was a child.”
Chu said that anti-immigrant measures will only “stifle the creativity and energy that has made California what it is.”
Businesses run by immigrants and minorities usually fall into the category of a small business. She believes that her proposed Entrepreneur Startup Growth Act targets a key area of need to new small business owners. “Providing business tax preparation services to low-income, self-employed individuals builds their businesses and promotes asset-building for low-income households. This program will help them save money and ensure that they access all the tax credits for which they are eligible.
She cited several key data points about small business:
* Small business represent 99% of all American companies.
* Small businesses receive fewer than 25% of federal contracts.
* 100,000 new jobs created for each 1% increase in the share of contracts going to small businesses.
* Minorities hire minorities and they start businesses in economically distressed areas.
“My focus is to ensure small business receives the economic benefits of federal contacts and creates jobs in communities across the nation,” Chu said. “With unemployment above 9%, it is my number one priority to bring more entrepreneurs into the federal procurement marketplace. Our committee has had several hearings on small business contracting and is working on drafting legislation to be introduced next year.”
L.A. County Supervisor Michael D. Antonovich representative Brian Mejia (l) presents a certificate to Asian Business Night event producers Scott Hettrick of the Arcadia Chamber of Commerce, Sho Tay of the Arcadia Masonic Center, and Josephine Louie of the Arcadia Chinese Association.
Chu is also working to ensure that resources are available to all types of small businesses in the San Gabriel Valley. “I am holding workshops for small businesses on how to get financing and how to increase economic opportunities through exporting, and how to secure federal contracting and procurement. And that’s why I held a hearing in Pasadena a couple of weeks ago to make sure that the Small Business Administration hears from our local businesses about how the SBA is or is not helping them.”
The SBA is the governmental agency that establishes Small Business Development Centers to provide educational services and classes for small business owners and aspiring entrepreneurs, usually in partnership with local colleges and universities. In 2009, Mt. SAC closed its SBDC in Irwindale, leaving the closest center in Long Beach. “Our small businesses here are being left out in the cold unable to get the business help they need and want,” she said. That is why Democrat Chu brought South Carolina-based Republican Chairman of the House Small Business Contracting Subcommittee Chairman Mick Mulvaney to the San Gabriel Valley in October. She wanted him to see the wealth and diversity of small businesses in this area that represents almost 20% of all of L.A. County businesses and employs more than 600,000 workers, and yet the closest Small Business Development Center is 30 miles away in Long Beach. “I look forward to working with him and the community to re-establish this vital network so you can reap the benefits of these federal resources,” she told the gathering Thursday night.
“Let’s make sure that every American gets the opportunity to succeed and to feel that they can have faith in their future. We must reignite the dream of the immigrant, the student, the small business owner, and the innovator.”
Chu’s speech received strong applause, after which she received a certificate from event organizers and Arcadia Mayor Kovacic and posed for many photos.
To see album of 40 photos from event, click here on Arcadia Chamber of Commerce Facebook page. Be sure to click “Like” at top of page to see all Chamber postings on Facebook.
— By Scott Hettrick