вЂњI love to bake, so the fact that I worldpaydayloans.com/payday-loans-il/westmont/ get to start every day playing with dough and making bread, that’s my happy place,вЂќ Nguyen said as she kneaded three dozen small loaves of bread.
Over the past five years, she’s been working to perfect the art of baking bГЎnh mГ¬, the Vietnamese term for bread.
вЂњWe went to Vietnam so I could actually experience the bread and what it is supposed to taste like, and that actually made a huge difference,вЂќ she said.
Nguyen’s husband Mike, whose family emigrated to the U.S. from Vietnam more than 40 years ago, says cooking and baking runs in the family.
What You Need To Know
- 20 years after they met, Mike and Stacy Nguyen opened BГЎnh MГ¬ 47 in downtown Albany this fall
- The restaurant services bГЎnh mГ¬, a staple of Vietnamese cooking
- With the help of M&T Bank, the couple received a Small Business Administration loan to help them pay for much of their kitchen equipment
- SBA loans are typically geared toward new business owners or those in high risk industries who may not typically qualify for traditional financing
вЂњMy parents are great cooks, and when we went back to Vietnam, everybody there was a great cook,вЂќ he said.
Twenty years after they met at Siena College, the Nguyens decided to go into business for themselves. Each said they grew tired of making long trips centered around getting the perfect bГЎnh mГ¬ sandwich.
вЂњThere is definitely a void of bГЎnh mГ¬ available in the area,вЂќ Mike said. вЂњWe always used to have to either go to New York City or Boston, or even California to get really good bГЎnh mГ¬.вЂќ
Small business loan program helps New Yorkers achieve their dream
вЂњThat’s when we decided to take the time to figure out how to make the bread, how to get all of the meats right, and it all sort of just finally came together,вЂќ Stacy said.
Earlier this fall, they opened BГЎnh MГ¬ 47 in downtown Albany, but the couple says it was by no means easy.
вЂњIt has been a roller coaster,вЂќ Mike said. вЂњWe basically signed the lease for this place a month before the COVID shutdown.вЂќ
The Nguyens didn’t go through the process of launching a new business alone. They say they got plenty of help from Vince Amodeo and his team at M&T Bank.
M&T partnered with the U.S. Small Business Administration (SBA) to get the couple a loan to help them purchase much of their kitchen equipment.
вЂњBusinesses that are either startup businesses or they could be in a high-risk industry sometimes can’t qualify for traditional loans,вЂќ said Amodeo, who’s a regional business banking manager at M&T. вЂњThe SBA program allows businesses like BГЎnh MГ¬ 47 to get off the ground and get up and running, have the cash flow and access to capital that they direly need.вЂќ
M&T is one of the nation’s top 10 providers of SBA loans. Along with helping new businesses, Amodeo says the funding mechanism can aid established entrepreneurs who may be strapped for cash coming out of the pandemic.
вЂњSometimes in high-risk industries, there could be a situation where there is a lack of collateral,вЂќ Amodeo said. вЂњThose are all essential areas that the SBA can kind of come in and play an important part.вЂќ
вЂњWe don’t have business experience, we don’t have restaurant experience and they took a minute to listen to our story and understand what we wanted to do, which made a huge difference for us,вЂќ Stacy said.
вЂњThe fact that we are kind of on the other side of it now and actually doing it makes it feel that much sweeter,вЂќ Stacy Nguyen said. вЂњWe are just happy to be here and share our food with everybody.вЂќ