March 26, 2021, New York, NY – RTW Charitable Foundation (RTWCF), Send Chinatown Love, Think!Chinatown, Welcome to Chinatown and local business owners today came together to showcase the community’s efforts to help Asian-owned businesses and the Asian community across New York City weather the pandemic and recession.
While all small businesses in New York City have dealt with significant challenges since the start of the pandemic, Asian-owned businesses are also facing anti-Asian racism, which harms their ability to stay afloat, pay their bills and feed their families.
Founded as the charitable foundation arm of RTW Investments, LP, a leading healthcare-focused entrepreneurial investment firm with deep scientific expertise and a strong track record of supporting companies developing life-changing therapies, RTWCF partners with organizations conducting disease research and championing humanitarian causes.
While RTWCF’s initial focus is on rare disease research, last year RTWCF quickly redirected its first round of funding to combat the devastating effects that the COVID-19 pandemic had on many communities in New York City, with $1 million of gifts across 12 organizations. The lion’s share of the funding was awarded to 10 community-based organizations on the frontlines of some of the hardest-hit areas in the city. RTWCF is partnering with Send Chinatown Love to feed 2,500 hungry New Yorkers, Welcome to Chinatown to provide small business grants through their Longevity Fund and Think!Chinatown to build spaces for outdoor dining.
Today, staff and volunteers from the organizations sanded and primed such a space for Alimama Tea and Yin Ji Chang Fen, two locally-owned businesses in Manhattan’s Chinatown. It will ultimately be painted with a mural designed by the Asian American artist Chanel Miller. The project represents just one aspect of the work being done to help the Asian-owned small business community.
“All small businesses have struggled during the pandemic, but Asian-owned businesses must deal with the additional challenge of anti-Asian racism and discrimination,” said Roderick Wong, M.D., Chairman of RTW Charitable Foundation. “They were among the first to feel the impact of the pandemic, and as early as February 2020 Chinatown restaurants in Manhattan saw sales decline by 40%. We are honored to be partnering with Send Chinatown Love, Think!Chinatown and Welcome to Chinatown to help our local Asian-owned businesses, which are an essential part of the culture and community of all New York City.”
The day of action was the concluding in a series of events that RTWCF held with COVID-19 relief grantees across the city. RTWCF’s current grant cycle, which closes on April 15th, funds research into rare diseases.
About RTW Charitable Foundation
Founded in 2018 as the philanthropic arm of RTW Investments, LP, RTW Foundation works to power community initiatives and provide scientific advising to improve the health of underserved populations. The Foundation supports the development of medicines for neglected rare diseases, empowers youth to explore careers in science, biotechnology, and medicine, and builds partnerships with local organizations to advance health equity in New York City. To learn more, visit www.rtwf.org.