Community First Fund President and CEO Dan Betancourt frequently visits the businesses his community development financial institution, or CDFI, serves. A recent visit to a Vietnamese restaurant displayed the information gap that hurts so many entrepreneurs of color.

Community First had loaned a 21-year-old Vietnamese man approximately $100,000 to start the business. This owner, who Betancourt considers gifted in his culinary craft, had previously worked in his parent’s business since he was 15. When Betancourt paid for his $10 bowl of pho, he was surprised to see his amount come out to exactly $10. He ordered the same dish in his next two visits, and the same thing happened.

Betancourt asked the owner why there was no sales tax on each bill. The owner told Betancourt that he only paid taxes quarterly because that’s what he learned from his parents and he didn’t understand that he needed to charge sales tax to pay it in his taxes. Betancourt realized Community First needed to help the young entrepreneur beyond its loan.

READ FULL ARTICLE HERE