PIKEVILLE, Ky. – Community Trust Bank was recently honored with the “Gold Lender Award” by the U.S. Small Business Administration (SBA) as Kentucky’s top community bank SBA 7a lender in 2015 – 2016. This is the eighth consecutive year that Community Trust has received this award from the SBA, which was presented Nov. 18 at the SBA’s Annual Conference in Bowling Green, Kentucky.
Over the last eight fiscal years, Community Trust has closed more than 680 SBA 7a and 504 loans, providing in excess of $115 million for small businesses in the communities it serves. During the most recent fiscal year, Community Trust Bank closed or increased 79 SBA 7a and 504 loans, representing $15,061,109.
Community Trust Bank, Inc. has been originating loans for over 113 years. It has been an active participant in the government’s SBA programs for many years. In all, 29 loan officers at Community Trust Bank’s branch office locations in Kentucky, West Virginia and Tennessee were successful in obtaining SBA loans for their customers during the year.
Bob Watson in Versailles, Kentucky was the top SBA lender for Community Trust Bank in number of loans for the eighth consecutive year. Mr. Watson closed or increased 15 SBA loans for $6,785,109. Mr. Watson also received special recognition at the recent SBA Lender’s Conference in Bowling Green, Kentucky.
In addition to Community Trust’s SBA lending in 2015-16, the Bank also closed a loan with the Kentucky Small Business Credit Initiative (KSBC) program, which provides additional collateral support in the form of a cash deposit from the state program.
“Once again we are pleased to receive this honor from the Small Business Administration,” said Mark 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 2017.”
“Some of our Kentucky communities are thriving and others are struggling. Community Trust Bank is a great partner for SBA because their bankers are skillful at putting deals together in our poorer towns as well as our richer ones,” stated Ralph E. Ross, SBA Kentucky District Director. “The SBA loans made by Community Trust Bank have funded the creation or expansion of 69 businesses across a broad Kentucky footprint. These loans have added to the prosperity of our Commonwealth and we sincerely appreciate it.”
Terry Spears, SBA Officer for Community Trust, said 2017 should also be a good year for small businesses seeking SBA-guaranteed loans.
“The SBA has continued its waiver of the guaranty fee for all loans up to $150,000” said Spears. “Also, they have continued special programs for veterans to eliminate guaranty fees on Express loans up to $350,000, and reduce guaranty fees by 50 percent for veterans on all SBA programs.”
“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,” added Spears.
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, to building America’s future, and to 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 $3.9 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, four banking locations in Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.