Thanks to our generous donors, in this extraordinary year alone, we invested $1 million in grants — a historic record for the Foundation. With KACF funding, one of our grantee partners, Renaissance Economic Development Corporation (REDC), saved 45 Korean-owned small businesses through $700,000 in emergency loans in the early months of the pandemic, when NYC shops were forced to pause.
Mrs. Kim, owner of Flushing Garden Florist in Queens, called it divine intervention when Mr. Shinn from REDC came knocking on her door with a lifeline. “Mr. Shinn and Renaissance met me where I am, at my level, and provided solutions that made sense for my situation.”
Our support has a lasting impact on businesses in our community. Since we first met Mrs. Kim in the summer, she told us that the help has gone beyond monetary support. Continued engagement with REDC has meant emerging from perhaps the biggest crisis in her life to see an opportunity to grow her online business and build a new way forward.
“Even though COVID made business very difficult, it also brought opportunities to be creative and pivot in this new environment as a small business owner. With REDC’s support, I am reaching new customers through social media channels like Instagram, Facebook, and KakaoTalk.”
Like Mrs. Kim, many small business owners are proving the resilience of our community even through this pandemic.
KACF’s support has also changed the way Mrs. Kim thinks about our community. “I thought of organizations like KACF as unrelated to small business owners like me,” she said. She thought those who are “rich” wouldn’t be interested in helping small businesses.
“I am so thankful that there are people in our community, especially second-generation Korean Americans, who are supportive.”
With another surge in COVID-19 cases this winter, up to 30% of small businesses may close down permanently, leaving many families and immigrants without a lifeline. KACF will continue to stand with our community through the crisis and toward long-term recovery.
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