SAN Report Highlights Challenges For Little Bangladesh Businesses In LA
India-West Staff Reporter
LOS ANGELES, CA – The South Asian Network (SAN) has released a new market research report detailing the challenges faced by small businesses in Little Bangladesh, Los Angeles. Following its earlier report on South Asian businesses in Artesia’s Little India, this latest study aims to spotlight the struggles and opportunities for the local South Asian business community. SAN is urging banks, community development institutions, policymakers, and municipal governments to allocate resources to help these businesses thrive.
The report reveals key findings, including the diverse demographics of Little Bangladesh, where 88% of small business owners are of Bangladeshi ethnicity, alongside Indian, Iranian, Latinx, and Nepali entrepreneurs. Economic struggles are prevalent, with many businesses, often sole proprietorships or family-owned, grappling with cash flow issues and the challenge of increasing revenue without taking on debt. High-interest rates and stringent loan requirements further complicate their efforts to secure financial support.
One of the most significant barriers identified is language. The report finds that 92% of business owners prefer conducting business in Bangla, underscoring the need for in-language support and resources.
In response to these challenges, SAN is launching the South Asian Small Business Program (SABZ), a targeted initiative designed to provide access to capital, technical assistance, and business training tailored specifically to South Asian small businesses and entrepreneurs. The program aims to help these businesses sustain and grow their ventures, addressing the financial instability many currently face.
The report also emphasizes the importance of community reinvestment and recommends ongoing support for economically disadvantaged South Asian businesses in Little Bangladesh. Enhancing language access, particularly in financial planning and business management, is also highlighted as essential for the success of these entrepreneurs.
SAN encourages business owners and entrepreneurs to review the report and engage with the organization to share their perspectives. The network offers assistance with accessing capital, developing business plans, and providing technical support for loans and grants.
As a vital part of Los Angeles’ economy and cultural fabric, the small business community in Little Bangladesh requires targeted support to ensure its long-term success. SAN’s SABZ program represents a crucial step in meeting these needs and empowering South Asian businesses in the area.
