PIKEVILLE, Ky. (Jan. 30, 2018) — Community Trust Bank, Inc. was recently honored for the ninth 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 for the federal fiscal year that runs from October 1, 2016 to September 30, 2017.
The award was presented Nov. 17, 2017 at the SBA Lender’s Conference in Shelbyville, Ky.
Community Trust had 64 new SBA 7a loans authorized for $7,802,500 in Kentucky during the federal fiscal year. Additionally, Community Trust Bank had more dollars ($7,852,500) authorized for new 7a loans in West Virginia by SBA during the federal fiscal year than any bank doing business in West Virginia, including national banks.
“Community Trust Bank has led the way with SBA lending for many years in Kentucky and is one of the premier community banks in the entire country,” said Ralph Ross, Kentucky district director for SBA. “We thank Community Trust Bank for the commitment shown to small businesses in the region and for making a tremendous difference to communities and local economies.”
During the 2016-2017 federal fiscal year, Community Trust Bank closed or increased 91 SBA 7a and 504 loans, providing $18,356,739 in new funding for small businesses in four states (Kentucky, West Virginia, Tennessee and Ohio). Over the last nine federal fiscal years, Community Trust has closed or increased more than 770 SBA 7a and 504 loans, providing in excess of $133 million for small businesses in the communities we serve.
In the 2016-2017 federal fiscal year, 34 different Community Trust Bank employees closed SBA loans. Among them were:
- Bob Watson in Versailles, Ky. was the top SBA lender for CTB in number of loans for the ninth consecutive year. Bob closed or increased 23 SBA loans for $1,034,200. Bob was recognized by SBA as a nine-time member of SBA’s Kentucky “Heavy Hitter” Team at the SBA Lender’s Conference.
- Tim Houck in Richmond, Ky. closed or increased three loans for $1,807,700.
- Kristy Gross in Ashland, Ky. closed or increased six loans for $852,100.
- Steve Belcher in Pikeville, Ky. closed two loans for $660,000.
- Natalie Heighton in Ashland, Ky. closed two loans for $591,000.
- David Tackett in Prestonsburg, Ky. closed five loans for $585,000.
- Jamie Harrison in London, Ky. closed two loans for $500,000.
In addition to Community Trust Bank and Bob Watson being recognized at the Lender’s Conference, one Community Trust Bank customer, Martin Contracting of Richmond, Kentucky, was honored as an “SBA Success Story.” Martin Contracting was nominated for the award by Richmond Market President Tim Houck. The company specializes in underground utility construction and has grown in only four years from a start-up business to currently employing over 200 people on pipeline construction projects in several states. The company’s tremendous growth has largely been made possible by 20 loans, including several SBA loans, originated by Community Trust Bank’s Tim Houck.
“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 2018.”
Terry Spears, SBA officer for Community Trust, said 2018 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 $125,000” said Spears. “Also, they still have special programs to eliminate and/or reduce the SBA guarantee fee for veterans. We will continue to take advantage of these opportunities to help our customers.”
“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.