Business

California Diversity Awards Celebrates Achievements and Highlights Growth of Diverse Small Businesses

The California African American Chamber of Commerce, the CalAsian Chamber of Commerce and Hispanic Chambers of Commerce hosted their third Annual Diversity Awards on June 27 in Sacramento. The awards luncheon celebrated corporate, legislative, and business leaders who are champions of small diverse businesses in California. The program also featured highlights from a report commissioned by the California Office of the Small Business Advocates (CalOSBA), aimed at understanding the significant impact small businesses have on the state.

Published

2 years ago

July 8, 2024

Oakland Post

The Ethnic Chamber Diversity Luncheon held in Sacramento on June 27. The audience listens to the report on the state of small diverse businesses in California. (CBM staff photo)

By Antonio Ray Harvey, California Black Media

The California African American Chamber of Commerce, the CalAsian Chamber of Commerce and Hispanic Chambers of Commerce hosted their third Annual Diversity Awards on June 27 in Sacramento.

The awards luncheon celebrated corporate, legislative, and business leaders who are champions of small diverse businesses in California. The program also featured highlights from a report commissioned by the California Office of the Small Business Advocates (CalOSBA), aimed at understanding the significant impact small businesses have on the state.

“We like to think of the economy as something where there’s always some government agency collecting information, but it’s remarkably hard to get into the trenches and figure out what’s really happening at the ground level,” said Chris Thornberg, an economist who authored the report.

“Last year was the beginning of pulling this together with the help of CalOSBA, the chambers and sponsors. This year, we expanded and improved the processes, adding data from the American Community Survey to get a better sense of the diverse business community.”

The report’s findings highlight the importance of small and diverse businesses in California. Collectively, they generated about $443 billion in 2019, representing nearly half a trillion dollars. Although this figure dropped slightly in 2020 due to the pandemic, their impact remained above $400 billion, accounting for about 8% of California’s overall output.

“That $414 billion would make our diverse small business sector the 24th largest state economy, larger than Oregon or South Carolina,” Thornberg noted. “These businesses support about 3.6 million jobs directly or indirectly.”

The report also indicated that diverse small businesses have shown resilience and growth in recent years.

“Despite various challenges, diverse small businesses have performed well,” said Thornberg. “The number of self-employed individuals and minorities in the state is up 10% from 2016, while overall small business numbers have contracted by about 15% over the same period. This growth is particularly evident in major regions like Los Angeles and San Bernardino, where a significant portion of the labor force comprises self-employed minorities.”

The success and growth of diverse small businesses in California are seen as a promising trend. “Los Angeles is home to the largest concentration of these businesses, followed by San Diego and San Bernardino,” Thornberg added. “In these regions, almost a third of the entire labor force is made up of self-employed minorities, showcasing the power and influence of these communities.”

Pat Fong Kushida, President and CEO of the California Asian Pacific Chamber of Commerce thanked everyone for attending the event and highlighted the need for continuing to work together.

“Thank you so much for leaning in on that first report and giving us a strong foundation. We all push and pull. This is what we’re doing in the room today. There are a lot of pushers and a lot of pullers. Let’s work better together, and then we’ll achieve some of the goals that Chris outlined for all of us,” said Fong.

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Financial Wellness and Mental Health: Managing Money Stress in College 

While everyone’s financial situation is unique, several common sources of stress have the potential to strain your financial health. These include financial and economic uncertainty, existing debts, unexpected expenses, and mental or physical health changes. Financial stress may differ from situation to situation, but understanding the factors contributing to yours may help you begin to craft a plan for your unique circumstances.

Published

3 weeks ago

March 17, 2026

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Sponsored by JPMorganChase

As a college student, managing financial responsibilities can be stressful.

If you’ve found yourself staying up late thinking about your finances or just feeling anxious overall about your financial future, you’re not alone. In one survey, 78% of college students who reported financial stress had negative impacts on their mental health, and 59% considered dropping out. While finances can impact overall stress, taking steps to manage your finances can support your mental, emotional and physical well-being.

When it comes to money, the sources of stress may look different for each student, but identifying the underlying causes and setting goals accordingly may help you feel more confident about your financial future.

Consider these strategies to help improve your financial wellness and reduce stress.

Understand what causes financial stress

2. Determine your financial priorities

Start by reflecting on your financial priorities. For students this often includes paying for school or paying off student loans, studying abroad, saving for spring break, building an emergency fund, paying down credit card debt or buying a car. Name the milestones that are most important to you, and plan accordingly.

3. Create a plan and stick to it

While setting actionable goals starts you on the journey to better financial health, it’s essential to craft a plan to follow through. Identifying and committing to a savings plan may give you a greater sense of control over your finances, which may help reduce your stress. Creating and sticking to a budget allows you to better track where your money is going so you may spend less and save more.

4. Pay down debt

Many students have some form of debt and want to make progress toward reducing their debt obligations. One option is the debt avalanche method, which focuses on paying off your debt with the highest interest rate first, then moving on to the debt with the next-highest interest rate. Another is the debt snowball method, which builds momentum by paying off your smallest debt balance, and then working your way up to the largest amounts.

5. Build your financial resilience

Some financial stress may be inevitable, but building financial resilience may allow you to overcome obstacles more easily. The more you learn about managing your money, for instance, the more prepared you’ll feel if the unexpected happens. Growing your emergency savings also may increase resilience since you’ll be more financially prepared to cover unexpected expenses or pay your living expenses.

6. Seek help and support

Many colleges have resources to help students experiencing financial stress, like financial literacy courses or funds that provide some assistance for students in need. Talk to your admissions counselor or advisor about your concerns, and they can direct you to sources of support. Your school’s counseling center can also be a great resource for mental health assistance if you’re struggling with financial stress.

The bottom line

Financial stress can affect college students’ health and wellbeing, but it doesn’t have to derail your dreams. Setting smart financial goals and developing simple plans to achieve them may help ease your stress. Revisit and adjust your plan as needed to ensure it continues to work for you, and seek additional support on campus as needed to help keep you on track.

 JPMorgan Chase Bank, N.A. Member FDIC