Community Trust Bank Recognized as SBA’s Top Community Bank Lender

PIKEVILLE, Ky. – Community Trust Bank was recently honored for the 13and consecutive year with the United States Small Business Administration (SBA) Gold Lender Award as the highest volume SBA 7a Community Bank of Kentucky lender in the 2020-2021 federal fiscal year. The award was presented Nov. 5 at the SBA Lenders Conference in Louisville.

The 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 most SBA-approved loans for any lender in Kentucky, including the national banks that originate SBA loans in the Commonwealth. (Republic Bank had the largest 7a loan amount, $25,422,800 with 48 loans. Republic received the Silver Lender Award.)

Community Trust Bank Head Office in Pikeville

Over the past two years, Community Trust Bank has funded 155 SBA 7a and 504 loans, providing more than $33 million to small businesses, primarily in Kentucky, Tennessee, West Virginia and Ohio. Over the past 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.

Community Trust has also funded approximately 6,300 SBA Paycheck Protection Program (PPP) loans to more than 5,000 businesses in 2020 and 2021, distributing more than $400 million in forgivable loans to small businesses for help navigate the financial uncertainty of the COVID pandemic. About 90% of PPP loans have already been canceled by the SBA. The companies supported by these PPP loans employ more than 50,000 people.

“Over the years, the relationship with the SBA has been excellent for both Community Trust Bank and our customer base, allowing us to offer competitive business lending products in our service area,” said Mark A. Gooch, President and CEO.

Terry Spears, vice president/head of small business banking, said the SBA has 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 can be authorized 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, fixed rate second mortgage $5 million from the SBA and the borrower’s equity injection.

The United States Small Business Administration (SBA) was established in 1953 as an independent agency of the federal government to aid, advise, assist, and protect the interests of small businesses, to preserve free competition, and to maintain and enhance the overall economy of our nation.

Community Trust Bank is a wholly-owned subsidiary of Community Trust Bancorp, headquartered in Pikeville, Ky., and has 70 banking locations in eastern, northeast, central, and south-central Kentucky, six banking locations in southern West Virginia, three banking locations in Tennessee, four trust offices in Kentucky, and one trust office in Tennessee.

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Shawanda H. Saldana