; and whose management and daily business operations are controlled by one or more of such individuals. (4) The term socially disadvantaged individuals means those who have been subjected to racial or ethnic prejudice or cultural bias because of their identity as a member of a group without regard to their individual qualities. (5) (A) The term economically disadvantaged individuals means those socially disadvantaged individuals whose ability to compete in the free enterprise system has been impaired due to diminished capital and credit opportunities as compared to others in the same business area that are not socially disadvantaged. (B) The Assistant Secretary shall presume that socially and economically disadvantaged individuals include Black Americans, Hispanic Americans, Native Americans, Asian Pacific Americans, Asian Indian Americans, individuals found to be disadvantaged by the Small Business Administration pursuant to section 8(a) of the Small Business Act, other individuals so designated by the Minority Business Development Agency under section 1400.1 of title 15 of the Code of Federal Regulations (as in effect on October 1, 1986), and other individuals belonging to other minority groups which the Small Business Administration may, from time to time, determine to be socially and economically disadvantaged groups pursuant to Public Law 95–507 . (6) The term Administration means the Minority Business Development Administration established by this Act. (7) The term Assistant Secretary means the Assistant Secretary of the Minority Business Development Administration. (8) The term agency means any executive agency as defined in section 105 of title 5, United States Code, and the military departments as defined by section 102 of title 5, United States Code. (9) The term public sector means any State, State agency, political subdivision of a State, or agency of such a political subdivision. (10) The term private sector means any entity which is not in the public sector excluding the Federal Government and its