PIKEVILLE, Ky. (Dec. 11, 2013) – Community Trust Bank Inc. was recently honored with the “Gold Lender Award” by the United States Small Business Administration (SBA) as Kentucky’s top community bank SBA 7a lender in 2012-2013.
In the federal fiscal year 2012–2013, Community Trust Bank funded 89 SBA loans for more than $16.89 million. In Kentucky alone, the bank funded 77 loans totaling $10,263,700. Community Trust also had the fifth-highest number of SBA loans approved in West Virginia (seven for $343,500) and was among the top dozen SBA lenders in Tennessee in dollars loaned with three loans for $4,823,900.
In the last five years, Community Trust has funded more than 410 SBA loans, providing approximately $67 million for small businesses through its partnership with SBA.
“Community Trust Bank, Inc., with 77SBA loans valued at over $10.2 million this past fiscal year, has continued to set the standard for SBA 7(a) loans in Kentucky,” said SBA Kentucky District Director Ralph Ross. “This represents an increase of over 40 percent in SBA loan numbers and over 25 percent in SBA loan dollars over the prior year.”
Terry Spears, SBA officer for Community Trust, said 2014 should be a good year for small businesses seeking SBA-guaranteed loans, as SBA has eliminated the guaranty fee for loans up to $150,000 for all small businesses and loans up to $350,000 for SBAExpress loans to veterans.
“SBA has implemented some new policies which should greatly benefit small businesses in 2014,” said Spears. “We plan to use these new tools to continue helping small businesses grow stronger and to create jobs in the communities we serve.”