Small Business Loans & SBA Loans in Kentucky

Kentucky, the Bluegrass State famous for its thoroughbred horse racing, also has a broad economy driven by hundreds of small businesses. Supporting the startups and growth of these small businesses are numerous community banks, nonprofit financial organizations, and credit unions that are providing the loans these businesses need.

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Types of Kentucky Small Business Loans

The established group of lenders in Kentucky know how to put together short-term and long-term financing options for small businesses in the Bluegrass State, especially those engaged in manufacturing, automotive-related Industries, aerospace, and agriculture.

SBA loans

SBA loans are business loans that are partially backed by the Small Business Administration (SBA), a federal agency. These loans are serviced by private lenders, but are popular because they generally have good interest rates.

Line of credit

Use a line of credit as a flexible form of financing. Unlike with a loan, this option does not involve a big disbursement upfront that you must repay, providing a flexibility that better fits many entrepreneurs’ needs.

Term loan

Term loans are common small business loans in which you would apply for a large disbursement of capital and then repays it over several years, along with fixed or variable interest.

Equipment finance

With equipment financing, you receive a piece of equipment and then pay off the cost of the equipment in installments. This way, your business can make money off the equipment immediately, even if you don’t have the funds to buy it at the sticker price.

Accounts receivable financing

Accounts receivable financing is an alternative form of business financing in which your unpaid invoices serve as collateral for a lump disbursement of funds.

Kentucky Small Business Loan Options

Businesses that need funds to expand will find plenty of commercial banks, credit union, and nonprofit organizations in Kentucky that are willing to make loans to small businesses.

Kentucky Economic Development Finance Authority offers financing to purchase or update equipment for small businesses engaged in manufacturing, agribusiness, or services and technology

Metropolitan Business Development Corporation provides loans to businesses located in Jefferson County for expansion, additions to working capital, equipment purchases, and commercial property improvements.

LiftFund uses funds donated by interested individuals and businesses to finance small business owners who want to expand and create new jobs that improve the economies of their communities.

Capital Access Corporation is a leading provider in the state of Kentucky for SBA 504 loans that can be used to purchase commercial properties or equipment.

Community Trust Bank offers multiple small business loan products, including SBA 7(a) and SBA 504 loans.

Republic Bank & Trust Company offers many different loan products to small business owners in Kentucky, including lines of credit and SBA loans.

Stock Yards Bank & Trust Company provides a number of services to its customers, including several business loan options. Small business owners can apply for various types of business financing options, including SBA loans.

Commonwealth Credit Union offers loan products like commercial equipment loans, commercial lines of credit, and commercial real estate loans to businesses in Kentucky.

Huntington National Bank is the number one SBA lender in northern Kentucky based on the amount of SBA 7(a) loans it has offered to businesses in the area. It also offers other loan products like term loans and business lines of credit.

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FAQs

What other resources are available to Kentucky small businesses?

Small business owners in the Bluegrass State have a wide choice of other resources to go to for networking and advice. For example, the SBA maintains an office in Louisville that small business owners can contact when applying for SBA loans or seeking business advice. SCORE is a nonprofit organization staffed by volunteer business executives who provide advice and mentoring to small business owners who want to expand their operations.

The Kentucky Small Business Development Center, which is located in Lexington, provides seminars, training, and connections for small business owners to find financing.

What Kentucky small business grants are available?

You can search for grants available for businesses in Kentucky at GrantWatch.com. For federal grants to Kentucky businesses, go to Grants.gov. Women entrepreneurs will want to check the requirements for grants at AmberGrants.

What do I need to qualify for a loan in Kentucky?

To improve your chances of qualifying for a loan, find out the exact requirements that your lender is asking for. Typically, a lender will require your application to clearly state the purpose of the loan, the collateral being offered, and how your business will be able to produce the cash flow needed to pay the loan back. You will also need to present the last several years of income statements and balance sheets.

Which loan is right for my Kentucky business?

The type of loan you request depends on how you intend to use the money. If you’re looking to purchase long-term fixed assets, you’ll want to apply for a term loan or a loan that allows you to purchase commercial property. Short-term financial needs to make up temporary deficits in cash flow will need a short-term loan or a revolving line of credit.

How can a Kentucky business loan help my business?

In addition to putting up initial equity capital, businesses will need to borrow money from time to time to fund increases in working capital and purchases of fixed assets. Taking on debt in a small business increases the profitability of the business and improves the return on owner’s equity.

What is an SBA preferred lender?

An SBA preferred lender is a lender that’s been approved by the Small Business Administration to administer SBA loans without additional approvals from the SBA. Typically these lenders have years of experience and can approve SBA loans faster than non-preferred lenders.

What are the benefits of an SBA loan?

SBA loans are backed by the government and offer lower interest rates than other types of small business loans. They typically require a minimum time in business of two years and a credit score of 650+.

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