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SBA Recognizes Community Trust Bank as Kentucky’s Top SBA Community Bank Lender, 2022 – 2023

PIKEVILLE, KENTUCKY – Community Trust Bank, Inc. was recently honored for the 15th 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 2022–2023.  The award was presented November 30, 2023 at the SBA Lender's Conference in Louisville, Kentucky.
In Kentucky, SBA authorized 45 guaranteed 7a loans for Community Trust Bank customers totaling $9,425,500, and one SBA 504 project totaling $1,593,000.
In total, SBA authorized 58 guaranteed 7a loans and one 504 project, providing access to $18,758,400 for Community Trust Bank customers in four states (Kentucky, Tennessee, West Virginia and Ohio) during the most recent federal fiscal year.

CTBI was also one of the top lenders in West Virginia in the 2022-2023 fiscal year, finishing third overall in number of loans authorized with six loans totaling $3,168,300.

Over the last 15 federal fiscal years, Community Trust Bank has funded over 1,200 SBA 7a and 504 loans, providing access to more than $265 million for small businesses in the bank’s markets.

Additionally, 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. The businesses assisted 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, Vice Chairman, President and CEO of Community Trust Bancorp, 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 2024.”
SBA Kentucky District Director Robert Coffey stated, “Small businesses continue to drive our economy across Kentucky, and SBA had another tremendous year in 2023. This shows the strong collaboration between SBA’s committed staff and our many lenders and resource partners, including Community Trust Bank. We thank the staff at Community Trust Bank for their hard work and commitment to SBA and their communities.”   
Bob Watson of the Versailles/Georgetown market was the leading SBA producer for Community Trust for the 15th consecutive year. Watson originated or increased 13 SBA loans for $2,495,400.  Mr. Watson was honored by SBA at the annual conference as one of SBA’s “Heavy Hitters”, including presentation of a personalized Louisville Slugger baseball bat.
CTBI had 25 loan officers who closed SBA loans in the 2022-2023 fiscal year, including several who closed more than one loan: Joe Kenney (Lexington – 8 loans for $860,000); Jody Thompson (Pikeville – 6 loans for $710,000); Jimmy Fitzwater (Huntington – 5 loans for $3,025,000); Kristy Gross (Ashland – 4 loans for $2,440,300); Chris Follett (Mt. Sterling – 2 loans for $1,772,000); Dale Taulbee (Frankfort – 2 loans for $570,000); Jonathan Drage (Pikeville -- 2 loans for $568,800); Steve Belcher (Georgetown – 2 loans for $400,000); Zachary Thacker (Williamson – 2 loans for $268,300); Rich Newsome (Harrodsburg – 2 loans for $195,000); and David Akers (Pikeville – 2 loans for $70,000).
Terry Spears, Vice President/Small Business Banking Officer for Community Trust, said “2024 should be a great year for small businesses seeking SBA-guaranteed loans.”
Mr. Spears said SBA has some special programs in place for 2024 to help small businesses, including a larger loan size (up to $500,000) for SBA Express and Small Loans, fee waivers for loans up to $1,000,000 and reduced fees for loans up to $2 million. Additionally, SBA recently implemented several changes intended to make the application process less cumbersome and restrictive for borrowers and provide more flexibility to SBA lenders.
"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 Mr. Spears.  “We have excellent relationships and opportunities to partner with SBA, as well as local, regional and state development agencies and non-profits involved in economic development in all three states.”
SBA-guaranteed 7a 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.
Additionally, Community Trust’s SBA lending program often teams with other programs and agencies, such as the United States Department of Agriculture’s guaranteed loans programs, to facilitate projects up to $30 million.
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 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, 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 $5.6 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.

The Southeast Kentucky Chamber of Commerce is located at 178 College Street in Pikeville and serves more than 500 businesses in eight Eastern Kentucky Counties: Floyd, Johnson, Knott, Lawrence, Letcher, Magoffin, Martin, and Pike. The Chamber’s mission is to serve the businesses of Southeastern Kentucky through a commitment to networking, advocacy, education, and collaboration as we partner together to  enhance the business climate in our region.


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