PIKEVILLE – The United States Small Business Administration (SBA) recently honored Community Trust Bank, Inc.’s Bob Watson as a member of the Kentucky Small Business Administration’s All-Star Team. Watson closed 19 loans for $670,800 in the federal fiscal year 2012 – 2013, earning him the All-Star honor for the fifth consecutive year. At a recent SBA event, Bob received a special Louisville Slugger bat engraved with his name. Mr. Watson is Commercial Loan Officer with Community Trust Bank in Versailles, Kentucky.
SBA guarantees a percentage of loans from participating lenders to eligible small businesses, providing greater flexibility in loan underwriting decisions. Community Trust Bank participates in all of SBA’s loan guaranty programs, including SBAExpress, Small Loan Advantage, Patriot Express, 7a and 504 loans. Loans in the various programs range from a few thousand dollars to a maximum of $5 million.
Community Trust Bank, Inc. has been originating loans for over 110 years. They have been an active participant in the government’s SBA programs for many years. This is the fifth consecutive year Community Trust Bank has closed the highest number of SBA loans among community banks in Kentucky.
“Community Trust Bank, Inc., with 77 SBA loans valued at over $10.2 million this past fiscal year, has continued to set the standard for SBA 7(a) loans in Kentucky,” stated Ralph Ross, SBA Kentucky District Director. “This represents an increase of over 40% in SBA loan numbers and over 25% in SBA loan dollars over the prior year. We value their commitment to SBA and to the business community across the Commonwealth and look forward to growing our relationship with Community Trust Bank in the future.”
“We are pleased that Bob Watson received this honor from the Small Business Administration,” said Mark Gooch, President and CEO of Community Trust Bank, Inc. “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 2014.”
Terry Spears, SBA Officer for Community Trust, said 2014 should be a good year for small businesses seeking SBA-guaranteed loans, as SBA has eliminated the guaranty fee for loans up to $150,000 for all small businesses and loans up to $350,000 for SBAExpress loans to veterans.
“SBA has implemented some new policies which should greatly benefit small businesses in 2014,” said Spears. “We plan to use these new tools to continue helping small businesses grow stronger and to create jobs in the communities we serve.”
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 $3.6 billion, is headquartered in Pikeville, Kentucky and has 71 banking locations across eastern, northeastern, central, and south central Kentucky, six banking locations in southern West Virginia, four banking locations in Tennessee, four trust offices across Kentucky, and one trust office in Tennessee.