Bennington small business gets loan taken away after already being approved
Imagine the excitement inside a small business that got approval for a financial lifeline, but three days later it’s yanked away.
A mother-daughter small event business is becoming a big deal for nonprofit fundraising.
Kristin Bolden, the owner’s daughter said, “Absolutely a roller coaster. Super high, look we think we can make it through this, and then what are we going to do and what went wrong? ”
A $16,000 dollar partially forgivable payroll protection loan was approved by the SBA Thursday. Then Sunday, the same bank said the SBA rejected it.
Somewhere in the application process, this family business of 25 years was dealt a bad hand.
The owner of Fundamentals Events working from home says she submitted all the paperwork on April 5th.
Laurel McLane, owner of Fundamentals Events said, “I think nobody has any idea where our application is, what stage it’s in or what anybody is doing with it. We’ve had conflicting emails.”
Ten casino nights have been canceled and the SBA loan would bridge the company to a still scheduled July event. But without financial relief, the business won’t survive that long.
Michelle Knight, owner’s daughter said, ”We’re really concerned without the funds to make it through to when maybe you can have parties again, that we won’t make it.”
The sisters grew up helping their mom grow the small event business. But odds are against it lasting for a third-generation unless the economic relief application is found and approved.
Kristin and Michelle said, “We’re all in, we need a winning hand.”
Six On Your Side contacted the bank and Small Business Administration. No word from the bank yet. However, the SBA has assigned someone to look into why the small business was approved then rejected for the loan program. We’ll let you know what comes up.