As the Coronavirus Pandemic completes a year, there has been a notable decline in economic growth. In such case scenarios, small businesses that also include the ones owned by Asian Americans have seen a loss. As a result, most of them struggled to survive in the industry.

However, an executive order can surely turn out to be an opportunity to shine back. As per this order, small and minority-owned businesses can regain their status. This would further help in getting jobs too. Let’s plunge into know what the order signifies

What Does the Executive Order Say?

The Executive order by President Joe Biden is called ‘Advancing Racial Equity and Support for Underserved Communities through the Federal Government’. It provides opportunities for the minor businesses that are looking to become a part of the federal government’s supply chain.

Every year, the government spends money on different products and services. As a result, this should be a massive business opportunity for businesses owned by minorities.

Usually, in the case of federal contracts, both minority, and other corporations compete with each other directly. But they can compete through another way called the US Small Business Administration-certified 8 (a) small disadvantaged business set-aside contracts.

Even the financial institutions favor the order. About 18 financial institutions have retained $10 billion in contracts and funding for black and Latino-owned businesses. Major corporations have also encouraged the 50-year old minority business development program.

To participate in multi-billion-dollar programs arranged by these corporations, businesses should prove that they are minority-owned. The U.S. Pan Asian American Chamber of Commerce Education Foundation (USPAACC) and the National Minority Supplier Development Council render certificates to minority-owned businesses.

In 1988, the U.S. Pan Asian American Chamber of Commerce Education Foundation USPAACC started certifying Asian American-owned businesses. This came after being motivated by the major corporation to know the difference.

During such times, Asian-American knew that corporations were searching for minority-owned businesses. In such cases, USPAACC came forward and educated the people about the perks of this opportunity.

With their assistance, an Asian-American business saw growth from $4 million annual revenue to $100 million. All this happened within a time span of mere 10 years.

USPAACC Reaction

So, USPAACC ( U.S. Pan Asian American Chamber of Commerce Education Foundation) certifies these minority businesses and introduces them to the corporate world of the USA. They have included so many outstanding suppliers in the chain. This has increased the competition among the minority-owned businesses in the nation.

USPAACC ( U.S. Pan Asian American Chamber of Commerce Education Foundation) has been quite a renowned name in helping business owners to achieve their ambition. With the challenges of the pandemic and racism together, Asian American community has come out stronger than ever.

It’s quite obvious that the economy has seen a decline due to these challenges. Even the Asian American businesses got impacted by it. However, they are growing and rebuilding their businesses to lead a thriving nation.