Louisville, KY - The Kentucky Small Business Administration (SBA) District Office and its lending partners set a new 504 loan dollar record in FY2012, according to the agency.
In Kentucky, there were 678 SBA 7(a), 504 and microloan loans approved, valued at more than $167 million. This represents a third consecutive annual SBA loan record in Kentucky.
Top SBA Lenders in Kentucky for FY 2012
7(a) Loans:
Community Banks
Community Trust Bank, Inc., Pikeville, KY
52 loans totaling $8,056,000
Stock Yards Bank & Trust Co., Louisville, KY
21 loans totaling $10,530,500
Traditional Bank, Inc., Mt. Sterling, KY
20 loans totaling $5,793,200
National/Regional Banks
The Huntington National Bank
45 loans totaling $5,069,900
U.S. Bank National Association
43 loans totaling $15,199,700
JPMorgan Chase Bank, NA
27 loans totaling $4,720,300
504 Loans:
Capital Access Corporation, Louisville, KY
23 loans totaling $20,156,000
Capital Access did 38 percent of the total 504 loans in KY.
Micro Loans:
Community Ventures Corporation (CVC), Lexington KY
123 loans totaling $619,789
CVC did 60 percent of the total Micro loans in KY.
Top Dollar Lenders:
Community Bank
Stock Yards Bank
21 loans totaling $10,530,500
National/Regional Banks
U.S. Bank National Association 43 loans totaling $15,199,700
Certified Development Companies/504 Lending
Capital Access Corporation 23 loans totaling $20,156,000
SBA All-Star Team:
In addition to recognizing the SBA lending awards to lenders in the state, the SBA Kentucky District Office also acknowledges the individual loan officers responsible for these achievements. Those listed below were named to the SBA 2012 Kentucky All-Star Team:
Capital Access Corporation (504) – Will Fensterer
Community Trust Bank, Inc. – Bob Watson
Community Ventures Corporation (Micro) – Bob Heil
JPMorgan Chase Bank National Assn. – Mike Shepherd
Stock Yards Bank & Trust Co. – Nancy Nelson
The Huntington National Bank – Chris Jackson
Traditional Bank, Inc. – William G. Clark III
U.S. Bank – David Bell
The 7(a) Loan Program includes financial help for businesses with special requirements purposes and is the SBA’s most frequently used loan program for start-up and existing small businesses.
The SBA’s 504 loan program is a long-term financing tool, designed to encourage economic development within a community. The 504 Program accomplishes this by providing small businesses with long-term, fixed-rate financing to acquire major fixed assets for expansion or modernization.
The Microloan Program provides small, short-term loans to small business concerns. The SBA makes funds available to specially designated intermediary lenders, which are nonprofit community-based organizations with experience in lending as well as management and technical assistance. These intermediaries make loans to eligible borrowers of up to $50,000.