PIKEVILLE, KY. – 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 2018 – 2019. This is the 11th consecutive year that Community Trust has received this award from the SBA.
Additionally, Community Trust Bank was the top dollar SBA 504 "Third Party Lender" in Tennessee in federal fiscal year 2018-2019 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 2018–2019 fiscal year, 27 different Community Trust employees closed SBA loans.
Commercial Loan Officer Bob Watson in Versailles, Kentucky 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.”
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 $4.4 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.
Photo caption: Sharron Johnson, Lender Relations Specialist with the Kentucky District Office of the United States Small Business Administration (SBA), presents the SBA’s “Gold Lender Award” to Community Trust Bank as Kentucky's top volume SBA 7a Community Bank lender in federal fiscal year 2018–2019. This is the 11th year in a row that Community Trust Bank has received this recognition from the SBA. Receiving the award on behalf of Community Trust is Terry Spears, Vice President/Small Business Banking Officer.