SBA Recognizes Community Trust Bank as Kentucky’s Top SBA Community Bank Lender, 2020 – 2021

Community Trust Bank, Inc. was recently honored for the 13th 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 federal fiscal year 2020–2021.  The award was presented November 5, 2021 at the SBA Lender's Conference in Louisville, Kentucky.

SBA authorized 77 SBA 7a loans for Community Trust Bank customers in Kentucky during the fiscal year, totaling $18.88 million. The 77 loans represented the largest number of loans approved by SBA for any lender in Kentucky, including national banks originating SBA loans in the Commonwealth.

Over the last two years, Community Trust Bank has funded 155 SBA 7a and 504 loans, providing over $33 million for small businesses, primarily in Kentucky, Tennessee, West Virginia and Ohio. Over the last 13 federal fiscal years, Community Trust Bank has funded 1,085 SBA 7a and 504 loans, providing access to more than $234 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.  Approximately 90 percent of the PPP loans have already been forgiven by SBA. The businesses helped by the Community Trust Bank PPP loans employ more than 50,000 people.

“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 2022.”

Terry Spears, Vice President/Small Business Banking Officer for Community Trust, said 2022 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.”

Spears said SBA has some special programs in place for 2022 to help small businesses, including a larger limit ($500,000) for SBAExpress loans, fee waivers for loans up to $350,000 and reduced fees for all loans.

SBA loans may be authorized for up to $5 million, however, the 504 loan program allows lenders to facilitate much larger projects through the combination of the bank’s first mortgage loan, SBA’s $5 million fixed-rate second mortgage loan and the borrower’s equity injection.

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 $5.4 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.