PIKEVILLE, Ky. — Community Trust Bank Inc. was recently honored for the 11th consecutive year with the “Gold Lender Award” from the U.S. Small Business Administration (SBA) as Kentucky’s top volume SBA 7a Community Bank lender in federal fiscal year 2018–19.
The award was presented Nov. 15, 2019 at the SBA Lender’s Conference at Churchill Downs in Louisville, Ky.
Additionally, Community Trust Bank was the top dollar SBA 504 “Third Party Lender” in Tennessee in federal fiscal year 2018–19 for the second consecutive year.
During the 2018-19 federal fiscal year, Community Trust Bank funded 79 SBA 7a and 504 loans, providing $28,424,117 in permanent financing and $8,418,583 in SBA 504 interim financing for small businesses in four states (Kentucky, Tennessee, West Virginia and Ohio). Over the last 11 federal fiscal years, Community Trust Bank has funded more than 930 SBA loans, providing access to over $200 million for small businesses in the region.
Community Trust Bank had 62 new 7a loans authorized in Kentucky during the 2018-19 fiscal year for a total of $4,867,000. Community Trust was also the state’s top volume Rural Lender, with 44 loans authorized in rural counties for $3,136,800.
“Community Trust Bank has been a valuable partner to the SBA for many years,” said Robert Coffey, acting district director for SBA in Kentucky. “Most of their efforts have supported the rural community which ties in with the SBA Rural Strong initiative that promotes access to capital in rural communities. We thank Community Trust Bank for the commitment shown to small businesses in the region and for making a notable difference in the economies and communities in which they serve.”
In the 2018–19 fiscal year, 27 different Community Trust employees closed SBA loans.
Commercial Loan Officer Bob Watson in Versailles, Ky. was the top SBA lender for Community Trust Bank in number of loans for the 11th consecutive year. Mr. Watson closed or increased 19 SBA loans for $3,126,317 in permanent financing, plus one 504 interim loan for $1,480,630. He was honored by SBA as an 11-time member of SBA’s Kentucky “Heavy Hitter” Team at the SBA Lender’s Conference.
“Once again we are pleased to receive this honor from the Small Business Administration,” said Mark A. Gooch, president and CEO of Community Trust Bank, 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 2020.”
Terry Spears, vice president/small business banking officer for Community Trust, said 2020 should once again be a good year for small businesses seeking SBA-guaranteed loans.
“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,” added Spears. “We have good relationships and opportunities to partner with SBA, as well as local, regional and state development agencies in all three states.”