|At a glance — Lending institutions disbursed some 46,700 loans—under $100,000— totaling around $683.1 million in Kentucky (Source: FFIEC). Comprehensive analysis shows that the Bluegrass State is one of the best places for small business owners to achieve growth—by getting a business loan or obtaining available Kentucky small business grants.|
Top Three Kentucky Small Business Loan Options
Let’s take a look at three of the best Kentucky small business loans on the market:
Capital Access Corporation - Kentucky is the leading provider of Small Business Administration 504 loans in the state of Kentucky.
A 504 loan presents a government-backed commercial real estate loan that allows small businesses to purchase equipment or real estate. The maximum loan amount for an SBA 504 loan from Capital Access Corporation is $5 million, and the interest rate remains fixed over the repayment period of 10, 20, or 25 years.
In order to qualify, you need to make sure that your project promotes economic development and job creation in the state, and the total project cost is at least $100,000. While the loan application fee is rather expensive at $750, the amount will be refunded should your loan application get approved.
Commonwealth Bank and Trust is a regional bank with offices in and around Louisville, Kentucky. Many of their clients are local businesses who work in a wide range of industries.
Their loan products on offer are:
- Owner-occupied real estate
- Working assets line of credit
- Equipment loans
- Lines of credit
- Investor credit
- SBA loans
- Visa credit cards
The great thing about Commonwealth Bank and Trust is the fact that all loan decisions are made within the same community as your business. This means that the bank has the flexibility to develop a loan package specifically for your business needs and can provide you with a quick application decision.
3. Eclipse Bank
Eclipse Bank is a medium-sized regional bank situated in Louisville, Kentucky. The bank offers a broad range of small business loans, including:
- Commercial real estate loans. These loans come with customizable repayment terms and competitive terms and can be used for the refinance, purchase, or construction of commercial properties.
- Business lines of credit. Eclipse Bank offers competitive rates on business lines of credit that can be used for a variety of seasonal or long-term business needs.
- Business term loans. Whether you require funding for equipment or working capital, customizable business term loans can offer a great option to finance a broad range of business expenses.
Summary of the Best Kentucky Small Business Loans
Capital Access Corporation - Kentucky
Commonwealth Bank and Trust