PIKEVILLE, Ky. — Community Trust Bank, Inc. was recently honored for the 14th consecutive year with the “Gold Lender Award” from the United States Small Business Administration (SBA) as Kentucky’s top volume SBA 7a Community Bank lender in the federal fiscal year 2021–2022. The award was presented on October 13, 2022, at the SBA Lender’s Conference in Lexington, Kentucky.
In all, SBA authorized 68 SBA 7a loans for Community Trust Bank customers in four states (Kentucky, Tennessee, West Virginia and Ohio) during the most recent federal fiscal year, totaling $13,915,100. In Kentucky, SBA authorized 60 loans for Community Trust Bank customers totaling $10,971,900.
Over the last 14 federal fiscal years, Community Trust Bank has funded 1,153 SBA 7a and 504 loans, providing access to more than $248 million for small businesses in the region.
In addition to maintaining its status as Kentucky’s premier Community Bank SBA lender, 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. SBA has forgiven more than 99.9 percent of the PPP loans. The businesses assisted by the Community Trust Bank PPP loans employ more than 50,000 people.
Bob Watson of the Versailles/Georgetown market was the leading SBA producer for Community Trust for the 14th consecutive year. Watson originated or increased 17 SBA loans for $1,792,600. Mr. Watson was honored by SBA at the annual conference as one of SBA’s “Heavy Hitters” for the 14th consecutive year, including the presentation of a personalized Louisville Slugger baseball bat.
Mr. Spears said SBA has some special programs in place for 2023 to help small businesses, including a larger loan size (up to $500,000) for SBAExpress loans, fee waivers for all programs on loans up to $500,000 and reduced fees for loans up to $1 million.
SBA loans may be authorized for up to $5 million. However, the 504 loan program allows lenders to facilitate much larger projects by combining the bank’s first mortgage loan, SBA’s $5 million fixed-rate second mortgage loan and the borrower’s equity injection. In some situations, Community Trust’s SBA lending program teams with other programs and agencies, such as the United States Department of Agriculture’s guaranteed loans programs, to facilitate projects above $25 million.
The U.S. Small Business Administration (SBA) was created in 1953 as an independent agency of the federal government to aid, counsel, assist and protect the interests of small business concerns, to preserve free competitive enterprise and to maintain and strengthen the overall economy of our nation. The SBA recognizes that small business is critical to the United States’ economic recovery and strength, building America’s future and helping the United States compete in today’s global marketplace. Although the SBA has grown and evolved in the years since it was established in 1953, the bottom line mission remains the same. The SBA helps Americans start, build and grow businesses. Through an extensive network of field offices and partnerships with public and private organizations, the SBA delivers its services to people throughout the United States, Puerto Rico, the U. S. Virgin Islands and Guam.
Community Trust Bank is a wholly-owned subsidiary of Community Trust Bancorp, Inc. Community Trust Bancorp, Inc., with assets of $5.5 billion, is headquartered in Pikeville, Kentucky and has 70 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, three banking locations in Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.
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