January 30, 2019
PIKEVILLE, KENTUCKY – Community Trust Bank, Inc. was recently honored for the 10th 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. The award was presented November 9, 2018 at the SBA Lender's Conference in Lexington, Kentucky.
Additionally, Community Trust Bank was the top SBA 504 "Third Party Lender" in Tennessee in federal fiscal year 2017–2018, with $11,480,850 of permanent loans and $6,989,000 of interim 504 loans.
During the 2017–2018 federal fiscal year, Community Trust Bank funded a total of 87 SBA 7a and 504 loans, providing access to $32,018,926 in permanent financing and $12,140,000 in interim financing for small businesses in five states (Kentucky, West Virginia, Tennessee, Virginia and Ohio). Over the last ten federal fiscal years, Community Trust has funded more than 850 SBA 7a and 504 loans, providing in excess of $165 million for small businesses in the region.
In Kentucky, Community Trust had 59 new SBA 7a loans authorized for $6,968,400 during the fiscal year.
"Community Trust serves many states but we are particularly grateful for the work we do together in Kentucky," said Ralph Ross, Kentucky District Director for SBA. "Community Trust has led the way with SBA lending for many years in Kentucky and the small business lending we do together makes a big difference in our local economies. ”
In the 2017–2018 fiscal year, 28 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 10th consecutive year. Mr. Watson closed or increased 19 SBA loans for $752,800. He was recognized by SBA as a ten-time member of SBA's Kentucky "Heavy Hitter" Team at the SBA Lender's Conference.
Additionally, the late Tim Helton of Middlesboro, Kentucky was intricately involved with over $22 million in SBA 504 permanent first mortgage loans and more than $11 million in interim 504 loans. Without his leadership, Community Trust Bank's performance as the number one 504 third party lender in Tennessee would not have been possible.
“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 2019.”
Terry Spears, SBA Officer for Community Trust, said 2019 should also be a good year for small businesses seeking SBA-guaranteed loans.
“The SBA has a new program this year providing a significant SBA guarantee fee discount on loans of $150,000 or less for borrowers located in rural areas or HUB zones. Many of our borrowers will qualify for this discount,” said Spears. “Also, SBA will waive the SBA guarantee fee completely for veterans on SBA Express loans. 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 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 $4.2 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.