In Bensonhurst, savory aromas of beef bone and thai basil fill the air as steam from bowls of noodle soup fog up the windows of Pho Table. The warm, inviting atmosphere offers a stark contrast to the cold, rainy weather outside. The Vietnamese restaurant is a neighborhood favorite, known for its pho made with a 24-hour slow-cooked beef bone broth and its authentic bánh mì sandwiches.
Restaurant co-founder Matt Vuong, however, was in a far brighter mood than the gray skies outside. Vuong hopes to open a fourth Pho Table location in Downtown Brooklyn soon, and with support from a newly launched small-business initiative, he says he is one step closer to achieving that goal.
Vuong is among the first recipients of the $5.5 million NYC Elevating Business Loan Program, unveiled last week by the Social Justice Fund, The Asian American Foundation (TAAF), Renaissance Economic Development Corporation, and the State of New York. The initiative aims to help small businesses stay strong, competitive and positioned for long-term growth.
The fund launched with $1 million from the Social Justice Fund and $500,000 from TAAF, which helped leverage an additional $4 million in lending capital through Empire State Development, the state’s economic development agency. The program provides loans, free financial counseling and multilingual training to small businesses across New York City.
Through the fund, Vuong received a $50,000 loan and a $10,000 grant, funding he plans to use for marketing and expansion.
“I think money goes quickly here in New York. Everything’s expensive here, especially right now,” Vuong said. “It’s a good bit, it can take you a good way.”
A second-generation Chinese-Vietnamese entrepreneur born in Colorado and raised in Texas, Vuong opened Pho Table in Bensonhurst in 2023 with his business partner, Eric Du. His goal was multi-faceted: pursue his passion in the restaurant industry and bring Vietnamese food and culture to a neighborhood with a growing Asian community while contributing to the local economy’s recovery after the pandemic.
But navigating New York’s business environment proved challenging.
“New York’s business climate is really difficult to navigate. If you don’t know what you’re doing or what to look for, there are a lot of pitfalls,” Vuong said.
One of the biggest obstacles was access to capital. Vuong eventually connected with Renaissance, an affiliate of Asian Americans for Equality (AAFE), a nonprofit which provided business counseling and helped him apply for the NYC Elevating Business Loan Program.
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Vuong’s experience reflects a broader challenge facing many small businesses, particularly those owned by AAPI entrepreneurs in New York City.
According to 2023 estimates, AAPI-owned businesses in NYC generate $72 billion in annual revenue, employ more than 327,000 people, and contribute roughly $13 billion in payroll in the city. Yet many still face barriers to growth, said Norman Chen, CEO of TAAF.
“When we talk to AAPI small businesses, and oftentimes, access to capital is still the biggest constraint,” Chen said. “Especially for small business owners whose first language isn’t English and who may not be familiar with the lending process or able to access services in their native languages to get access to capital.”
To address the challenge, the NYC Elevating Business Loan Program offers loans of up to $100,000, which business owners can use to help manage cash flow, purchase equipment, improve storefronts, or expand operations.
“The program made a real difference for me by providing funding to hire new staff and do more marketing to spread the word about our restaurant,” Vuong said. “The loan application process was simple and fast, and I’m really grateful for their support.”
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The initiative represents one of the Social Justice Fund’s largest commitments to small-business support to date and is the first major investment under TAAF’s “TAAF Cities: NYC” initiative, which aims to promote economic opportunity in neighborhoods with large AAPI populations.
“Small, local businesses are the backbone of a thriving community,” said Clara Wu Tsai, founder of the Social Justice Fund and owner of the WNBA’s New York Liberty and the NBA’s Brooklyn Nets, in a statement. “Investing in their success creates a ripple effect of economic opportunity across New York City.”
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The program is open to small businesses across New York City’s five boroughs, with Brooklyn businesses eligible for additional capital supported by the Social Justice Fund’s investment.
The program will be administered by Renaissance, a U.S. Treasury-certified Community Development Financial Institution, which has supported under-resourced entrepreneurs since 1997.
Small business owners interested in applying can visit Renaissance’s website, email info@renaissancesbs.org, or call 212-964-6022. Assistance is available in English, Chinese, Korean, and Spanish, and applicants can receive free business counseling, financial analysis, and help completing their applications.
