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Community Trust Bank loans review

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This Kentucky-based lender could be your stop for government-backed financing.

Bottom line: As an active SBA lender and USDA financing provider, Community Trust could be a great option for businesses that have struggled to qualify for bank financing in the past.

Business loans, construction loans, business lines of credit, AR Financing, SBA loans, USDA loans, personal loans, home loans

Types of loans available

Kentucky, Tennessee, West Virginia

Area serviced

No

Online applications

Details

Types of loans availableBusiness loans, construction loans, business lines of credit, AR Financing, SBA loans, USDA loans, personal loans, home loans
Area servicedKentucky, Tennessee, West Virginia
Online applicationsNo
Number of branches79
Branch hoursVaries by branch, usually 9 a.m. to 5 p.m. Monday to Thursday, 9. a.m. to 6 p.m. Friday, 9 a.m. to 12 p.m. Saturdays at select branches
Customer service hoursNot stated
Customer service optionsEmail, phone
Mobile appYes
Routing number42102694

Expert review

Anna Serio

Review by


Anna Serio is a trusted lending expert and certified Commercial Loan Officer who's published more than 950 articles on Finder to help Americans strengthen their financial literacy. A former editor of a newspaper in Beirut, Anna writes about personal, student, business and car loans. Today, digital publications like Business Insider, CNBC and the Simple Dollar feature her professional commentary, and she earned an Expert Contributor in Finance badge from review site Best Company in 2020.

Expert review

Community Trust Bank offers a wide variety of business financing options to meet the needs of small businesses in the areas it serves, especially when it comes to government-backed funding. While it doesn’t yet offer online applications, its low doc loan option could be a useful way to quickly finance a small expense.

You’ll have to ask around to other business owners who’ve worked with the bank to learn what it’s really like — there are only a couple of online reviews. But its positive employee reviews are a sign that you might be in for quality service.

What is Community Trust Bank?

Community Trust Bank (CTB) is a Kentucky-based local bank with 70 locations across the state, as well as six branches in West Virginia and three in Tennessee.

It's a particularly active Small Business Administration (SBA) lender. The SBA has named it SBA's top volume 7(a) community bank lender for 11 consecutive years. And despite only having three branches in Tennessee, it was the top dollar SBA 504 third party lender for two years in that state.

What types of loans does Community Trust Bank offer?

CTB offers a wide variety of business loans, in addition to personal loans and mortgages.

  • Equipment financing. Funding for new and used equipment — including those needed for farming, manufacturing and construction.
  • Inventory financing. Funding to purchase inventory for both retail and wholesale businesses.
  • Commercial real estate. Financing to cover the cost of purchasing real estate and construction.
  • Revolving lines of credit. Access to cash to make up for cashflow gaps in the short term, as needed.
  • Accounts receivable financing. Essentially an advance on your unpaid accounts receivables to cover business costs, CTB offers both general and lockbox options.
  • SBA loans. Government-backed loans through popular programs like 7(a) for working capital and 504 for real estate and equipment.
  • USDA loans. Loans backed by the federal government for rural businesses.
  • Low doc loans. Loans up to $150,000 with minimal documentation required.
  • Consumer loans. Secured and unsecured loans for a variety of uses. These come with the option of fixed or variable interest rates.
  • Home loans. CTB also offers a variety of mortgages and home equity loans.

Other types of financing like a letter of credit to back a purchase from a supplier are also available.

How does borrowing with Community Trust Bank work?

You'll have to schedule an appointment with a loan officer to borrow from CBT. This is typical of community banks, though some have started to offer online applications for lower loan amounts.

How long it takes to get funded varies depending on the business, business owner and your current relationship with the bank. If you're already a CBT customer — say you have a bank account or personal loan with the bank — that could speed up your application.

Certain types of loans, like the low doc loan, might be faster than others. Often, SBA loans are the most involved and can take at least a month to process.

How do I get started?

You can get started by calling your local branch. Here's how to find it.

  1. Go to the CTB website.
  2. Click or tap Hours & locations.
  3. Hit the compass icon on the map to show your location.
  4. Select the CTB branch closest to you.
  5. Review the branch hours to make sure they fit your schedule.
  6. Call the phone number and ask to speak to a commercial loan officer.

Pros

  • Award-winning SBA lender
  • Offers USDA loans
  • Mobile app to manage finances

Cons

  • Doesn't list customer service hours
  • Some branches close at 3 p.m.
  • Only select branches open Saturdays

See other business loan options

Select a few pieces of information about your business to get a personalized selection of online lenders.

Data indicated here is updated regularly

Name Product Filter Values Loan amount APR Requirements
First Down Funding business loans
$5,000 – $300,000
Fee Based
At least 1 year in business, an annual revenue of $100,000+, and a minimum credit score of 400
Alternative financing up to $300K with highly competitive rates.
Lendio business loans
$500 – $5,000,000
Starting at 6%
Operate business in US or Canada, have a business bank account, 560+ personal credit score
Submit one simple application to potentially get offers from a network of over 300 legit business lenders.
ROK Financial business loans
$10,000 – $5,000,000
Starting at 6%
Eligibility criteria 3+ months in business, $15,000+ in monthly gross sales or $180,000+ in annual sales
A connection service for all types of businesses — even startups.
OnDeck small business loans
$5,000 – $250,000
As low as 11.89%
600+ personal credit score, 1 year in business, $100,000+ annual revenue
A leading online business lender offering flexible financing at competitive fixed rates.
Rapid Finance small business loans
$5,000 – $1,000,000
Fee based
Steady flow of credit card sales, bad credit OK
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Community Trust Bank reviews and complaints

BBB accredited No
BBB rating NR
BBB customer reviews 1 out of 5 stars, based on 1 customer reviews
Yelp 1 out of 5 stars, based on 1 customer reviews
Glassdoor 3.9 out of 5 stars, based on 16 customer reviews
Indeed 3.9 out of 5 stars, based on 67 customer reviews
Customer reviews verified as of 08 November 2020

CTB barely has any online reviews and complaints. While the few reviews out there are mostly negative, this could be a good thing. Often, customers write complaints when they're upset. The lack of more negative complaints could indicate that most customers have a generally positive experience.

What do employees say?

Employees appear to be mostly happy with working at CTB — a good sign for borrowers. The majority who have reviewed it have a positive outlook, would recommend it and approve of management. A happy staff means that bankers are more likely to stay on for a long period of time. And you'll likely get a higher quality of service than a bank where the employees aren't happy.

What other products does it offer?

In addition to loans, CTB also offers the following products that you can use as a business owner or consumer.

  • Checking and savings accounts
  • Money market accounts
  • CDs and IRAs
  • Corporate cash management services
  • Line of credit sweep to link a business credit line to a checking account
  • Lockbox services
  • Merchant services via Worldpay
  • Insurance
  • Wealth and trust management

Community Trust Bank history

CTB was founded in 1903 in Pikeville, Kentucky. It's since grown to open locations across Kentucky, as well as southern West Virginia and Tennessee. It has assets worth $4.4 billion and doesn't appear to have any recent mergers with other community banks on the books.

Bottom line

Community Trust Bank could be a good option for small and rural businesses looking for government-backed business loans. See how it compares to other options by visiting our guide to the best business loans out there.

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