In a display of resilience and determination, Yamuna Shrestha, an entrepreneur from Nepal and founding member of the Syangja Chamber of Commerce and Industry, has managed to open her restaurant in New York City despite being denied a Small Business Administration (SBA) loan. The denial was due to her lack of green card or citizenship certificate.
Shrestha applied for an SBA loan amounting to $83,000 but found herself unable to secure the necessary funding after getting caught in bureaucratic red tape. However, she remained undeterred and successfully acquired a work permit that allowed her to establish her dream business: the Nepali Bhanchha Ghar restaurant in New York City.
Unfortunately, like many businesses worldwide during this unprecedented global health crisis, Shrestha's restaurant faced significant challenges as well. The COVID-19 pandemic forced it into closure for three months while undergoing management changes.
The Small Business Administration (SOP) Office of Inspector General recently released a report detailing eligibility requirements for loans under their COVID Economic Injury Disaster Loans (EIDLs) program along with the application process itself. The report showcased that over 3.9 million applications were approved by the SBA totaling more than $378 billion worth of EIDLs dispersed nationwide.
New Yorkers received aid as well – approximately 7.1 million local businesses benefited from these loans through successful applications submitted during these trying times. Despite such extensive efforts made by the agency on behalf of small business owners throughout America's most populous city, only three applicants ultimately had their requests rejected.
Yamuna Shrestha told reporters about her experiences overcoming adversity:
"I felt disheartened when my application was denied at first because I saw how much support other businesses were receiving across our city," said Shrestha "However; I drew strength from within myself knowing that I could still achieve my dreams through hard work and resourcefulness."
Shrestha's resilience has not gone unnoticed by the community. Her restaurant, Nepali Bhanchha Ghar, is now back in business with supportive patrons who appreciate her dedication to pursuing her passion despite the hardships she faced.
"The story of Yamuna Shrestha is truly inspiring," commented Alexander Thompson, a regular customer at Nepali Bhanchha Ghar. "It proves that perseverance and determination can make all the difference when it comes to achieving one's goals."
As small businesses worldwide continue grappling with the fallout from COVID-19, entrepreneurs like Yamuna Shrestha serve as shining examples of what can be achieved even in difficult circumstances. The Syangja Chamber of Commerce and Industry founding member has risen above multiple challenges – from bureaucratic issues to global pandemics – yet remains devoted to sharing authentic Nepali cuisine with New Yorkers while demonstrating an indomitable spirit emblematic of those chasing their aspirations.