Marketing

PepsiCo giving $1M to Asian-owned restaurants

May 21, 2021

Recognizing the devastating business and social impact to the Asian American community over the past year, PepsiCo and The PepsiCo Foundation have pledged $1 million in support of businesses owned by Asian Americans.

Asian Americans have the fastest growth rate of any major racial or ethnic group, 3.5 times faster than the overall U.S. population, according to a company press release. Furthermore, Asian-American businesses from retail to restaurants and everything in between play a vital role in communities and the economy. Nearly 2 million Asian-owned small businesses generate $700 billion annually and employ 3.5 million people. Because COVID-19 fueled 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 recognize the Asian community has faced painful circumstances over the past year," Jon Banner, executive vice president of PepsiCo Global Communications and president of the PepsiCo Foundation, said in the release. "Our goal is to uplift the community while providing access to the tools and support Asian-owned businesses are seeking."

PepsiCo's efforts are in partnership with the Asian American Business Development Center, the National Restaurant Association Educational Foundation and The Asian American Foundation.

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: access to capital, marketing and strategic partnerships. For example, to help Asian-owned businesses increase marketing exposure, Project Rebuild created a social media campaign that promotes small businesses nationally.

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

AABDC has signed up more than 400 small businesses to participate in Project Rebuild. Businesses that want to learn more can visit the AABDC website.

Helping Asian-owned restaurants prepare for an impending hospitality boom

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 to help Asian-owned restaurants. Restaurateurs can learn more about these initiatives, and other ways the NRAEF can support their businesses, by submitting information here. This effort will be two-fold to support long-term revitalization:

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 a few of the topics restaurants owners will be able to access based on their individual needs.
It 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," said Rob Gifford, NRAEF president. "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 and NRAEF also are encouraging consumers to show support for Asian-owned restaurants by frequenting them and sharing on social media with #AsianFood and #SupportAsianBusinesses.

Increasing advocacy

In addition to supporting businesses, PepsiCo is committed to increasing advocacy and celebrating the contributions of the AAPI community. To that end, Frito-Lay North America, the convenience 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. The special weaves together speakers, music performances, comedy and monologues that will unite, inspire and help drive awareness of the AAPI experience. MTV Entertainment brands, as well as BET, Nickelodeon and Facebook Watch will exclusively stream the special at 8 p.m., Friday.