Community Trust Bank, Inc. was recently honored with the “Gold Lender Award” from the United States Small Business Administration (SBA) as Kentucky’s top volume SBA 7a Community Bank lender in federal fiscal year 2022–2023. This is the 15th consecutive year the bank has won this award.
In Kentucky, SBA authorized 45 guaranteed 7a loans for Community Trust Bank customers totaling $9,425,500, and one SBA 504 project totaling $1,593,000.
In total, SBA authorized 58 guaranteed 7a loans and one 504 project, providing access to $18,758,400 for Community Trust Bank customers in four states (Kentucky, Tennessee, West Virginia and Ohio) during the most recent federal fiscal year.
Over the last 15 federal fiscal years, Community Trust Bank has funded over 1,200 SBA 7a and 504 loans, providing access to more than $265 million for small businesses in the bank’s markets.
Additionally, Community Trust Bank funded approximately 6,300 SBA Paycheck Protection Program (PPP) loans to more than 5,000 businesses during 2020 and 2021, distributing more than $400 million of forgivable loans to small businesses to help them make it through the financial uncertainty of the COVID pandemic. The businesses assisted by the Community Trust Bank PPP loans employ more than 50,000 people.
“Once again we are pleased to receive this honor from the Small Business Administration,” said Mark A. Gooch, Vice Chairman, President and CEO of Community Trust Bancorp, Inc. “Over the years, the relationship with the SBA has been an excellent one for both Community Trust Bank and our customer base, allowing us to offer competitive business loan products across our service area. I’m proud of our employees as we look forward to continued profitable growth in this business in 2024.”
CTBI had 25 loan officers who closed SBA loans in the 2022-2023 fiscal year, including several who closed more than one loan. Bob Watson of the Versailles/Georgetown market was the leading SBA producer for Community Trust for the 15th consecutive year. Watson originated or increased 13 SBA loans for $2,495,400. Mr. Watson was honored as one of SBA’s “Heavy Hitters” and gifted a personalized Louisville Slugger baseball bat.
“Small businesses continue to drive our economy across Kentucky, and SBA had another tremendous year in 2023,” said SBA Kentucky District Director Robert Coffey. “This shows the strong collaboration between SBA’s committed staff and our many lenders and resource partners, including Community Trust Bank. We thank the staff at Community Trust Bank for their hard work and commitment to SBA and their communities.”
SBA has some special programs in place for 2024 to help small businesses, including a larger loan size (up to $500,000) for SBA Express and Small Loans, fee waivers for loans up to $1,000,000 and reduced fees for loans up to $2 million. Additionally, SBA recently implemented several changes intended to make the application process less cumbersome and restrictive for borrowers and provide more flexibility to SBA lenders.
“We plan to continue to use all lending tools available to help small businesses grow stronger and to create jobs in the communities we serve in Kentucky, West Virginia, and Tennessee,” said Terry Spears, Vice President/Small Business Banking Officer for Community Trust. “We have excellent relationships and opportunities to partner with SBA, as well as local, regional and state development agencies and non-profits involved in economic development in all three states.”
For more information, visit ctbi.com.
