SBA Recognizes Community Trust Bank as Kentucky’s Top SBA Community Bank Lender, 2023 – 2024

PIKEVILLE, KENTUCKY – Community Trust Bank, Inc. has earned the "Gold Lender Award" from the United States Small Business Administration (SBA) as Kentucky's top volume SBA 7(a) Community Bank lender in federal fiscal year 2023–2024 for the 16^th consecutive year.  The award will be formally presented to Community Trust Bank in the spring of 2025.
 
In total, SBA authorized 63 guaranteed 7(a) loans providing access to $18,603,800 for Community Trust Bank customers in five states (Kentucky, Tennessee, West Virginia, Virginia and Ohio) during the federal fiscal year (Oct. 1, 2023 to Sept. 30, 2024). Additionally, Community Trust Bank and the SBA partnered to fund two 504 loan projects in Kentucky totaling $14,610,957.
 
SBA approved 53 guaranteed 7(a) loans for Community Trust Bank customers in Kentucky totaling $12,358,200. CTBI was also one of the top lenders in West Virginia in the 2024 fiscal year, finishing sixth overall in loan volume with seven loans totaling $1,300,000.
 
Over the last 16 federal fiscal years, Community Trust Bank has funded over 1,260 SBA 7(a) and 504 loans, providing access to more than $292 million for the bank's small business customers.
 
Community Trust Bank had 28 loan officers who closed loans in the fiscal year.  Mr. Bob Watson of the Versailles/Georgetown, Kentucky market was the leading SBA producer for Community Trust for the 16^th consecutive year.  Mr. Watson originated eight SBA loans for $6,240,700. He will receive his 16^th consecutive award as an SBA "Heavy Hitter" at the state conference in 2025.
 
“Once again we are pleased to receive this honor from the Small Business Administration,” said Mark A. Gooch, 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 2025.”
 
SBA Kentucky District Director Robert Coffey stated, “Small businesses are the backbone of the economy both nationally and in the Commonwealth of Kentucky.  This is evidenced by the 819 approved SBA 7(a), 504 and microloans, totaling over $234 million. 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 their small business customers and the communities they serve.”
 
Terry Spears, Vice President/Small Business Banking Officer for Community Trust, said “2025 should be a great year for small businesses seeking SBA-guaranteed loans.”
 
SBA has some special programs in place to help small businesses, including a new, streamlined working capital line of credit program, as well as guaranty fee waivers for loans up to $1,000,000. Additionally, SBA has in recent years implemented several changes which make the application process less cumbersome and restrictive for borrowers and provide more flexibility to SBA lenders.
 
SBA-guaranteed 7(a) loans may be for up to $5 million. 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 program often teams with other agencies, such as the United States Department of Agriculture’s guaranteed loan 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 $6.0 billion, is headquartered in Pikeville, Kentucky and has 72 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.