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December 20, 2024 |
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| Home > Small Business Lenders by State > Kentucky Business Loan Sources > Pikeville, Business Loans > Community Trust Bank, Inc. Pikeville Business Loans > Engineering Services Loan | ||||
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SBA Loans from Community Trust Bank, Inc.
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Harold, Kentucky Business Gets SBA-Guaranteed Funding from Community Trust Bank, Inc.An SBA loan from Community Trust Bank, Inc. typically comes with favorable terms and competitive loan rates. In this SBA loan issued by the bank, a Harold, Kentucky business owner got a $57,000 loan. This growing company knew how to go about getting a business bank loan. Based in Harold, Kentucky, they applied for and received an SBA-guaranteed loan in 2004. The lending bank was Community Trust Bank, Inc., based in Pikeville, Kentucky. SBA Loan Borrower COMPANY TYPE: ENGINEERING SERVICES SBA Loan Lender COMMUNITY TRUST BANK, INC. This lender issued this particular bank loan under the SBA Low Documentation program, which simplifies the SBA loan application process and emphasizes the borrower's character, credit history and projected cash flow. SBA Loan Program Type This loan was issued as a general business loan. NAICS Code 541330 - Engineering Services Loan Approval Date 5/20/2004 Loan Approval Gross Amount $57,000 Loan Approval from the SBA Of the total $57,000 loan amount, the SBA guaranteed $48,450. More Information on This SBA Loan The borrower borrowed this money for a new business. This loan was not for a franchise. At the time of the loan, the company had 2 employees. The SBA loan documents did not indicate that the small business planned to use the funding to increase staffing levels or retain any existing employees. Next Steps for Getting an SBA Loan SBA loan applications are made through a bank. The SBA guarantees a loan to the bank, so in case the borrower defaults, the bank is guaranteed a portion of the loan by the SBA. Unless you are not in a hurry to get an SBA loan, it's best to work with a bank like Community Trust Bank, Inc. that has already issued SBA-guaranteed loans. To get an SBA loan fast, work with a bank that participates in the SBA's Preferred Lenders Program (PLP). About This SBA Loan Information: All SBA loan data displayed above comes from the government's publicly available SBA loan database. Information on this page is provided by the Gaebler.com news organization to inform business owners, aspiring entrepreneurs and others about SBA loan activity. LoanCensus.com does not assist businesses with obtaining SBA loans and was not involved in any way with this transaction. For additional information, see our Loan Information FAQ. Related Links: Banking Deregulation's Effects on Entrepreneurship SBA 7A Banks for Pikeville, Kentucky Loans
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