Business owner recalls being denied SBA loan, SBA says denial letter isn’t the end
BOWLING GREEN, Ky. (WBKO) - One man’s American dream was swept away when the tornado-ravaged through his store on the U.S. 31W-Bypass.
After working with FEMA he was recommended to apply for a small business loan to help with the damages, unfortunately, Ndayirague Isak was denied due to his credit score.
Isak is the owner of Umoja International Market, LLC.
He says it’s hard to understand, especially when the damage was caused by a natural disaster.
“So I didn’t get it , and I still don’t get it, I don’t get it. Because the main reason why I applied for the loan was my store being destroyed by the natural disaster, not by my credit score. So being denied again, because of my credit score, doesn’t make sense to me,” says Isak.
Isak says he is meeting with someone next week to help him with the reconsideration process.
A representative of SBA says a denial letter doesn’t mean a person cannot get assistance, they can appeal the decision.
SBA says the applicants should follow instructions in their denial letter and submit a reconsideration request.
Applicants have 6 months from the date of the letter in which to ask for reconsideration.
For personalized help, applicants can visit the nearest Disaster Recovery Center or call 1(800) 659-2955.
Each case is different.
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