The Asian American Hotel Owners Association (AAHOA), recognized as the largest hotel owners association worldwide, has expressed strong support for the U.S. Small Business Administration (SBA) and its Administrator, Isabel Casillas Guzman, following the signing of a historic Memorandum of Understanding (MOU) with India’s Ministry of Micro, Small, and Medium Enterprises (MSMEs). This landmark agreement is set to enhance international growth, strategic partnerships, and collaborative efforts between the two major democracies.
The announcement of this MOU on August 16 marks a significant step for the SBA, as it is their first formal partnership with India aimed at expanding the global footprint of MSMEs. The MOU is a direct outcome of the 2023 state visit between U.S. President Joe Biden and Indian Prime Minister Narendra Modi, during which both leaders emphasized the critical role MSMEs play in fostering inclusive economic growth. The agreement is intended to bolster bilateral initiatives, focusing on increasing MSME participation in global markets, investment opportunities, commercialization efforts, supply chain integration, and potential future trade avenues.
“This MOU underscores the importance of bilateral trade between the U.S. and India and the importance of the two countries working together to support small businesses,” stated Miraj S. Patel, Chairman of AAHOA. “With a focus on entrepreneurial training, access to capital, trade and export financing, and leveraging technology and digital services, this partnership will significantly enhance small businesses’ ability to compete globally.”
Administrator Guzman, speaking at the AAHOACON22 event, highlighted the crucial role hoteliers and small business owners play in the U.S. economy. She emphasized, “As the federal agency dedicated to delivering the American Dream of business ownership to more Americans, we are committed to ensuring that you have the capital, revenue growth opportunities, and support networks needed to start, grow, and build thriving, resilient businesses.”
Laura Lee Blake, President and CEO of AAHOA, also praised the agreement, particularly noting its focus on promoting women’s entrepreneurship. “AAHOA commends the SBA and India’s Ministry of MSMEs for this visionary agreement,” Blake said. “We are particularly encouraged by the emphasis on promoting women’s entrepreneurship, which is crucial for driving inclusive growth in the global economy.”
AAHOA continues to advocate for policies and initiatives that empower its members and the broader small business community, ensuring their success in an increasingly interconnected global economy.
