Explore the ways small business lenders in Kentucky support business growth and development.
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Biglaw Investor connects you with small business lenders who can help you expand your business, whether through working capital or via acquisition. A small business loan loan is a great way to grow your business—but it can be hard to know where to start. Our small business lenders offer an experience specially tailored to your goals.
Offered exclusively through Biglaw Investor, we make it incredibly simple to find the best loan for your business needs.
I’m an associate at a firm in Houston and used JD Mortgage thanks to your advice! The experience was great—they were super fast and responsive.” —Mary Kate Raffetto Beck Redden LLP
For a JD Mortgage, I had good luck with IBERIABank. [They] made this process very smooth.” —Clint Cowan Lynn Pinker Hurst & Schwegmann
Kentucky is a diverse state known for many things. That could include its unique culture. It is a state recognized for its bourbon and moonshine, its coal and mining industries, and its bluegrass music. Kentucky is home to about 4.5 million people, many of them living in Louisville and Frankfort. It is a state that developed from a history of farming and plantations to a modern, beautiful state. It’s home to Mammoth Cave National Park, which is the longest cave system in the world. The Bluegrass State also has state parks offering exceptional beauty and nature trails. Without a doubt, those who live here are often proud to call it home, and with good reason.
It’s also important to consider the industries present in Kentucky. Its economy is based in a range of areas, including agriculture, mining, and manufacturing. The state was once a large automobile producer. Many large companies call it their home. In addition to this, it’s home to thousands of thriving small businesses. There are 264,200 small businesses operating in the state, according to U.S. Small Business Administration data. Those businesses are critical to many of the state’s households, providing jobs to 722,253 people and contributing a payroll of $27,853,437 each year.
Small business lenders in Kentucky provide a significant amount of funding for companies to stay operational and meet their ongoing needs. This is often done through small business loans. The latest data from the U.S. Small Business Administration shows there are 1,200 small business loans active in the state as of 2022. Those loans have a total volume of $645,808,448, with the average loan equally $538,174. Having access to that type of funding is critical to supporting the unique needs of the state’s businesses, such as growth, expanding to new locations, developing new products, or marketing.
A small business loan is a type of financing provided by big banks, private lenders, and others. Small businesses apply for the loan. Lenders gather information about the business to determine if they can offer a loan. When that occurs, the lender funds the loan, and the borrower begins repayment of the funds borrowed along with interest. Interest rates and loan terms range widely based on many factors, including the overall qualifications of borrowers.
Entrepreneurship can be challenging, especially when you need outside funds to help scale your company. Business financing through loans is a great way to grow your business. With plenty of small business resources out there, many entrepreneurs turn to Kentucky small business loans to get the funds they need to apply now.
Small business lenders in Kentucky set their own loan terms, such as what requirements they have for businesses to qualify. Most will require the company to be established for at least a year with revenue. In addition to this, lenders also consider the industry and type of business. They may look at competitors and consider the overall financial stability of the company. Most will spend some time analyzing the business’s ability to repay the loan based on its business credit.
It is not uncommon for lenders to use the business owner’s personal credit score to ensure the company is eligible. Each loan application may be unique, especially considering whether you want low-interest and the potential loan amount. If you can estimate your project costs for what you intend to do with the loan, this can help you narrow down ideal sources for funding.
Small business owners and entrepreneurs must be able to show that they have some traction in the market before trying to achieve success with a small business loan. Plenty of startups begin when someone uses their own funds or credit cards to get things off the ground, but you need to indicate some level of revenue to repay your small business loan in most cases as this is a key eligibility factor for most loans available in the state of Kentucky.
Your local small business development center or economic development office may be able to make some referrals for you to help with start-up grants or funds for nonprofit organizations if this applies to you.
A business plan is a helpful tool that many lenders use to help evaluate all of these factors and how the company is run. It helps to provide market analysis, a description of the company’s products, services, and customers, as well as its management structure. Having one can help some businesses obtain a small business loan that meets their needs.
Companies can estimate their needs and apply for a loan that meets them through special loan programs, such as equipment financing programs. Other times, they can tap into a line of credit that allows them to consistently have access to the funds they need on an ongoing basis.
Most loans are larger, one time payouts that are then repaid over time, usually between 5 and 10 years, with interest. These are often ideal for larger investments such as expanding to new locations, developing new products, or revamping the organization.
There are various types of small business loans available, too, including:
Kentucky small business lenders will carefully consider these details to determine if the company can afford to borrow. They then set the terms, such as the length of the loan, the interest rate, and the repayment process. With these loans, many companies are able to meet their financial needs and have the capital they need to expand or compete. Lenders recognize the importance of these loans and provide a wide range of tools to help companies meet their needs, such as lower costing loans, more flexibility in repayment terms, and various loan structures.
| Rank | Bank Name | # of Kentucky Loans | Avergage Interest Rate | Average Loan Size |
|---|---|---|---|---|
| 1 | Community Trust Bank | 77 | 4.59% | $245,213 |
| 2 | The Huntington National Bank | 72 | 5.58% | $293,526 |
| 3 | Republic Bank & Trust Company | 48 | 4.11% | $529,642 |
| 4 | U.S. Bank | 43 | 6.19% | $224,314 |
| 5 | Stock Yards Bank & Trust Company | 25 | 4.43% | $374,988 |
| 6 | Live Oak Banking Company | 13 | 5.16% | $1,681,538 |
| 7 | United Midwest Savings Bank | 12 | 5.98% | $232,083 |
| 8 | First Financial Bank | 9 | 4.17% | $245,111 |
| 9 | First Savings Bank | 9 | 5.58% | $1,144,078 |
| 10 | Newtek Small Business Finance | 9 | 7.25% | $241,811 |
Founded in Pikeville, Kentucky, in 1903, Community Trust Bank serves people in Kentucky, West Virginia, and Tennessee. Community Trust Bank offers a number of different products, including personal and business banking tools, investment opportunities, and all types of loans that will work to fit the needs of individuals and businesses.
We reached out to Community Trust Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
Loans can be used for working capital, business acquisition, equipment purchases or other purposes.
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Founded in 1866 and based out of Columbus, Ohio, with branches in 11 states and $179 billion in assets to meet its customers’ needs, Huntington National Bank has much to offer. The Huntington National Bank has a number of products and services to meet personal and business banking needs.
We reached out to Huntington National Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Republic Bank & Trust Company was started in 1977 as Republic Bank of Shelby County in Kentucky. With multiple locations throughout Kentucky, Republic Bank & Trust Company is able to meet the needs of all of its customers, whether looking for business or personal banking products like loans and checking.
We reached out to Republic Bank & Trust Company to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
First coming into existence in 1863 as the First National Bank of Cincinnati, U.S. Bank now operates in 26 states across the country. U.S. Bank offers a number of products and services to meet customers’ needs, including small business loans and personal banking solutions, including checking and savings.
We reached out to U.S. Bank to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Stock Yards Bank & Trust Company was founded in 1904 and now serves Kentucky and Southern Ohio to meet the banking needs of the community. Stock Yards Bank & Trust provides a number of services for its customers, including small business loans, personal and business banking, and wealth management.
We reached out to Stock Yards Bank & Trust Company to see if there were any advantages to working with them during the SBA loan process. Here is what they told us:
When you’re ready to connect with an experienced SBA loan officer, use our form to quickly match with SBA loan programs based on your specific circumstances.
Small business lenders in Kentucky are a valuable resource for companies, but there are other resources that can also provide some financial support and guidance.
The Small Business Administration of Kentucky is one example. This organization is a government-run program that is designed to provide information, financial resources, and tools to help businesses not just get loans but also build a strong financial base. There are educational programs, articles, how-to guides, and much more right on the website.
Another excellent resource is SCORE, an organization built by businesses that are successful to provide free, highly valuable information and support to small businesses. There are free events, in-person support in the Lexington office, and many resources available here as well.
If you want to find the best small business loans in other states, click on your state below.
Joshua Holt is a lawyer and founder of Biglaw Investor. He spent 10 years practicing private equity mergers & acquisition law for one of the largest law firms in the country. As part of his practice, he advised small and medium sized businesses on matters ranging from business loans to the acquisitions and divestitures of stocks and assets.
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