GoSBA’s Top 50 Kentucky SBA Lenders in 2024
Introduction to Kentucky SBA Loans
Kentucky, home to over 4.5 million people, has a diverse and steadily growing economy. From bourbon distilleries and horse racing to a growing manufacturing sector, the state’s economic landscape is thriving. Popular industries in Kentucky include healthcare, manufacturing, agriculture, logistics, and tourism. With a robust small business environment, Kentucky is an excellent place for entrepreneurs looking to start or grow their ventures.
In FY 2023, Kentucky SBA loan providers funded 2,500 businesses, contributing to a total loan volume of $1.7 billion. Small businesses across the state are benefiting from increased access to financing, thanks to SBA loans that provide favorable terms and competitive interest rates.
Finding the Best Kentucky SBA Loans
Finding the best and most affordable business loans can be challenging, but we make it easier by comparing all the top SBA lenders in Kentucky for you. GoSBA Loans helps businesses secure the financing they need to grow—whether for purchasing equipment, refinancing high-interest loans, acquiring commercial property, or financing business improvements. After reading our analysis, click “Apply Now” to let us match you with the best SBA loan providers in Kentucky.
Challenges in Securing SBA Loans in Kentucky
A significant challenge for small businesses in Kentucky is gaining access to affordable financing. The top SBA lenders in the state include major financial institutions like Stock Yards Bank & Trust Company, Community Trust Bank, Live Oak Banking Company, U.S. Bank, and The Huntington National Bank. These ten lenders funded 1,000 businesses in Kentucky, with a combined loan volume of over $1.2 billion. However, just because these lenders are popular does not mean they are the best fit for every business type. Many small businesses may find better success with specialized SBA lenders.
How GoSBA Loans Helps Kentucky Small Businesses
At GoSBA Loans, we understand the struggle of finding the best and most affordable SBA loans for your business. Our unique approach circulates your loan application to 35 of the top 100 SBA lenders in Kentucky, increasing your chances of approval. We make lending for small businesses easier, faster, and more affordable. Below is our official ranking of the top 50 Kentucky SBA lenders in 2024.
Top 50 Kentucky SBA Lenders in 2024
| Bank Name | Sum of Term (Months) | Amount Funded | Loans Funded | Average Initial Interest Rate |
| Stock Yards Bank & Trust Company | 4,402 | $26,550,300 | 31 | 8.52 |
| Live Oak Banking Company | 1,515 | $13,525,000 | 9 | 10.03 |
| The Huntington National Bank | 5,772 | $11,288,900 | 47 | 10.46 |
| Community Trust Bank, Inc. | 4,563 | $10,788,700 | 42 | 8.77 |
| U.S. Bank, National Association | 4,806 | $10,533,700 | 37 | 10.02 |
| United Midwest Savings Bank, National Association | 1,200 | $7,423,000 | 7 | 10.82 |
| Peoples Bank | 1,086 | $5,949,600 | 6 | 10.58 |
| Old National Bank | 432 | $5,564,300 | 6 | 9.27 |
| Newtek Bank, National Association | 2,640 | $5,171,500 | 19 | 12.05 |
| Enterprise Bank & Trust | 600 | $5,055,000 | 2 | 9.38 |
| First Bank of the Lake | 366 | $4,629,100 | 3 | 11.08 |
| First Commonwealth Bank | 696 | $4,414,500 | 3 | 10.25 |
| Republic Bank & Trust Company | 2,054 | $4,284,000 | 20 | 9.00 |
| Fifth Third Bank | 1,380 | $3,745,300 | 9 | 10.51 |
| First Financial Bank | 563 | $3,321,900 | 5 | 9.44 |
| GBank | 420 | $3,119,000 | 2 | 10.38 |
| Readycap Lending, LLC | 2,124 | $2,785,400 | 18 | 13.69 |
| BayFirst National Bank | 2,640 | $2,775,700 | 22 | 13.17 |
| Dogwood State Bank | 720 | $2,345,700 | 3 | 11.00 |
| German American Bank | 550 | $2,168,500 | 4 | 9.00 |
Analysis of Top SBA Lenders in Kentucky
Analyzing the table above, Stock Yards Bank & Trust Company leads Kentucky with the highest loan volume, funding over $26.5 million across 31 loans. This positions Stock Yards Bank & Trust Company as a strong choice for businesses looking for substantial financing in Kentucky.
When it comes to the number of loans funded, The Huntington National Bank takes the lead with 47 loans totaling over $11.2 million. This makes The Huntington National Bank highly active in the SBA lending market and a reliable choice for small business owners seeking experienced lenders.
Community Trust Bank, Inc. and U.S. Bank are also significant players in the Kentucky SBA lending market. Community Trust Bank, Inc. funded 42 loans totaling $10.8 million, while U.S. Bank funded 37 loans with a loan volume of $10.5 million. These banks are ideal for small business owners seeking moderate-sized loans from established lenders.
For businesses looking for smaller loans, institutions like United Midwest Savings Bank, German American Bank, and First Bank of the Lake provide various options. Their focus on smaller loan amounts makes them suitable for startups and small businesses needing accessible financing.
Why Choose GoSBA Loans for SBA Loans in Kentucky?
Partnering with GoSBA Loans provides applicants with access to a wide array of SBA lenders in Kentucky. We help match you with the lender that suits your business needs, taking into account loan amounts, approval criteria, and loan terms. By working with us, you’ll gain access to a network of lenders, ensuring that your application reaches the right banks at the right time, ultimately increasing your likelihood of success.
Benefits of SBA Loans for Kentucky Small Businesses
Whether you’re a new startup or an established small business, securing an SBA loan can help you expand operations, purchase equipment, or boost working capital. Kentucky’s diverse economic base and thriving entrepreneurial ecosystem provide a unique opportunity for small business owners to succeed, and we’re here to help you every step of the way.
Ready to Apply for an SBA Loan in Kentucky?
If you’re ready to find the best SBA lenders in Kentucky, contact us to begin your journey. Our team at GoSBA Loans is committed to helping your small business secure the financing it needs to grow and thrive in 2024 and beyond.
