PepsiCo commits $1m+ to uplift flailing Asian-owned businesses

PepsiCo has announced a commitment of more than $1,000,000 to support Asian American businesses in the US, which have suffered setbacks due to Covid-19, as well as increasing discrimination amid the pandemic. 

Recognising the devastating business and social impact to the Asian American community over the past year, PepsiCo and The PepsiCo Foundation’s $1m commitment will provide support in partnership with the Asian American Business Development Center (AABDC), the National Restaurant Association Educational Foundation (NRAEF), the National Restaurant Association (Association) and The Asian American Foundation (TAAF). These efforts are part of the Stronger Together, community-based programmes that leverage the expertise of PepsiCo and its partners to connect people and support communities in need. The announcement has been made during Asian American and Pacific Islander Heritage Month.

CHALLENGING CLIMATE FOR ASIAN AMERICANS

Asian Americans have the fastest growth rate of any major racial or ethnic group; 3.5 times faster than the overall US population, confirmed PepsiCo and its partners. Furthermore, Asian-American businesses – from retail to restaurants and everything in between – play a vital role in the US communities and the economy. Nearly two million Asian-owned small businesses generate $700 billion annually and employ 3.5 million people. As Covid-19 fuelled a challenging business and social climate that hit the community hard, PepsiCo and its partners are providing resources to help businesses recover and increase advocacy. 

“Our communities are stronger when we all stand together, and we recognise the Asian community has faced painful circumstances over the past year,” stated Jon Banner, Executive Vice President of PepsiCo Global Communications and President of the PepsiCo Foundation. “Our goal is to uplift the community while providing access to the tools and support Asian-owned businesses are seeking.”  

PROJECT REBUILD

The number of working Asian business owners dropped 20% from February to December 2020. In response, the AABDC launched Project Rebuild; an initiative that connects small businesses with corporations and their employee resource groups, which volunteer their professional expertise. 

The PepsiCo Foundation provided a $250,000 grant to Project Rebuild to provide resources and training that address top challenges identified by AABDC beneficiaries; such as access to capital, marketing and strategic partnerships. Additionally, to help Asian-owned businesses increase marketing exposure, Project Rebuild has created a social media campaign that promotes small businesses nationally. AABDC has signed up more than 400 small businesses to participate in Project Rebuild.

“Corporate initiatives are a critical part of long-term, collective solutions needed to help small businesses in minority communities,” explained  AABDC President John Wang. “We need support from more global leaders like PepsiCo that can be part of the solution; and recognise there are still many unmet needs in the Asian business community, which go beyond providing money.”

ASSISTING HOSPITALITY RECOVERY

PepsiCo is also helping Asian-owned restaurants prepare for an impending hospitality boom in the US. Experts are predicting a “restaurant renaissance” in late 2021. As the industry revives, Asian-owned businesses are an important part of the mix. Nearly 26% of businesses in the food and accommodation services are Asian-owned.

To assist recovery, PepsiCo is investing more than $300,000 with the NRAEF and the Association to help Asian-owned restaurants. This effort will be two-fold to support long-term revitalisation:

• PepsiCo will cover the cost of a suite of training and certification resources that address pressing needs including food safety and career development. Unconscious bias, conflict de-escalation, Covid-19 precautions and career enhancement, are just a few of the areas restaurants owners will be able to access support based on their individual needs. 
• PepsiCo also will contribute funding to NRAEF to provide financial assistance that will support Asian-owned restaurants and their workforce. Details will be available in the coming months.

“PepsiCo is a longstanding partner of the NRAEF, collaborating to help restaurant owners and workers access the education and training needed to thrive in our dynamic industry,” commented NRAEF President Rob Gifford. “As restaurant owners get back on their feet, we’re happy to provide support and expertise to set businesses up for sustained future growth.” 

This coalition of PepsiCo, AABDC, NRAEF and Association also are also encouraging consumers to show support for Asian-owned restaurants by frequenting them and sharing on social media with #AsianFood and #SupportAsianBusinesses. 

IMPROVING AAPI ADVOCACY & POWER

In addition to supporting businesses, PepsiCo said it remains committed to increasing advocacy and celebrating the many contributions of the AAPI community. To that end, Frito-Lay North America, the convenient foods division of PepsiCo, is donating $500,000 to TAAF, which serves the AAPI community in its pursuit of belonging and prosperity that is free from discrimination, slander and violence.

The Frito-Lay investment will help TAAF continue to build the infrastructure to improve AAPI advocacy, power and representation. Additionally, Frito-Lay is sponsoring ViacomCBS’s “See Us Unite for Change” global special, which is part of the See Us Unite cultural campaign; a multi-platform effort led by TAAF and its coalition of partners.