From One Table to Six

Renaissance Economic Development Corporation is one of the CDFIs investing in opportunity across New York City, helping entrepreneurs like Matt Vuong turn a dream into a thriving business. ABC7 New York shared his story. Pass it on to your representatives in Congress, and ask them to support the U.S. Treasury Department's CDFI Fund so we can keep this vital work going.

Many entrepreneurs have the drive, the vision, and even the recipe for success. What they too often lack is a lender willing to take a chance on them.

Matt Vuong knew that firsthand. At 26, the former T-Mobile business account executive had a clear plan: open a Vietnamese restaurant in Brooklyn built around his family's recipe - for beef pho. What he didn't have was a conventional bank in his corner. Traditional lenders wanted years of business history and tax returns that don't exist when you're just getting started.

So Vuong turned to Renaissance Economic Development Corporation, a Community Development Financial Institution (CDFI) working with The Asian American Foundation's NYC Elevating Business Loan Program.

"People are not an algorithm. They are relational," said Jessie Lee, Managing Director of Renaissance Economic Development Corporation. "So, we definitely look at what is his vision? How is he going to execute it? What is his operational mindset? Does he have a team of people to support him?"

The ingredients came together. Vuong opened his first Pho Table location in 2023. Now, he's operating five locations across Brooklyn and is preparing to open a sixth.

CDFIs are certified by the U.S. Treasury Department to provide capital and support for small businesses, housing, and community revitalization. Unlike conventional lenders, CDFIs are focused less on profit and more on impact — and they measure success by what happens in the communities they serve.

In New York City alone, AAPI-owned small businesses generate $72 billion in annual revenue. They are part of the fabric of neighborhoods across the state. CDFIs like Renaissance help make sure those businesses get the support they need to succeed.

That's why we're urging our representatives in Washington to support robust federal funding for the CDFI Fund at the U.S. Treasury Department. When CDFIs are strong, small businesses grow — and entire communities benefit.