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Review from Jason B
1 star02/21/2023
Recently I applied (as a small business owner) for a 504 loan with a community development corporation (CDC); I was approved. I was also approved by the ***** ******** ************** *****. Unfortunately, my application with the CDC partner (Jewett City) was denied. Sometime later, I decided to pivot toward a different loan (*** 7a). I contacted Jewett City and they said I was essentially on probation until June of this year before I could apply for another loan. It is unfortunate to me that as a small business owner who wants to work with local lenders, I am being penalized in this way. I will likely never consider working with Jewett City Savings Bank again as a result of this foolish and short-sighted policy. So much for serving local businesses!
Jewett City Savings Bank Response
03/07/2023
As a small community bank, we make every effort to work with small businesses to help them obtain the financing they need. Programs available through the Small Business Administration sometimes allow us to secure financing for businesses with terms that are beneficial to the borrower and reduce the credit risk to the bank. There are many different SBA loan programs available and all have varying qualification requirements. While a borrower may qualify and be approved for one program, they may not meet the qualification requirements to be approved under a different program. In all cases, we work closely with the borrower and SBA to help them with their financing needs.
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