Issuu

C E L E B RAT I N G 2 0 Y E A R S

The Long Run: Dudley’s Restaurant Celebrates 45 Years A Fresh Perspective: Sherry Holley and Gratz Park Private Wealth Closing Central Kentucky’s Housing Gap

Renewed Keeneland Ready For The Spotlight $100 Million In Upgrades Will Greet Sales, Fall Meet, Breeders Cup Attendees

SEPTEMBER 2026 | VOL 22 ISSUE 9

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SEP 2026 VOL 22 ISSUE 9

IS HI

Y ILE PE

Business Lexington is a production of Smiley Pete Publishing PUBLISHER

Chris Eddie

chris@bizlex.com

Contents

ASSOCIATE PUBLISHER

Donna Hodsdon donna@bizlex.com EDITOR

Mark Green

editor@smileypete.com ART DIRECTOR

Drew Purcell

drew@bizlex.com COPY EDITOR

Nikole Christensen

mail@nikolechristensen.com BIZLIST EDITOR

Tanzi Merritt

bizlists@bizlex.com SALES MANAGER

Emily Marks

emily@smileypete.com

TOURISM

Fall Colors Include a Rosy Outlook Game days, races, big name concerts suggest 2025’s record tourism impact will be topped

PAGE 16

Renewed Keeneland Ready for the Spotlight

FINANCE

A Fresh Perspective Gratz Park Private Wealth and founder Sherry Holley focus on a highly personalized approach to investment strategies

PAGE 22

SBA loan process might help businesses as much as the loan itself PAGE 24

Closing the Housing Gap

$100 million in upgrades, will greet sales, fall meet, Breeders’ Cup attendees

Central Kentucky banks invest in new housing while helping more buyers afford a home

PAGE 18

PAGE 26

ACCOUNT EXECUTIVE

Amy Eddie

amy@bizlex.com

Business Briefs

PAGE 4

Local business news in brief

Real Estate SMILEY PETE PUBLISHING www.smileypete.com

For advertising information contact (859) 266-6537 advertise@smileypete.com info@smileypete.com

BUSINESS LEXINGTON SEPTEMBER 2026

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PAGE 8

A monthly look at economic indicators compiled by the Center for Business and Economic Research (CBER) at the University of Kentucky

Crave Worthy

PAGE 10

The long run: Timing, service, fine food, loyal customers take Dudley’s into 45th year

Quick Bites

PAGE 14

There’s a generous angel’s touch in the dessert and operation at Seven Elms Cafe

BizLists Commercial Lenders SBA Lenders Family Law Firms

PAGE 28 PAGE 29 PAGE 30

Who’s Who

PAGE 32

Local employment news and awards

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BUSINESS BRIEFS

BusinessLexington

AGRICULTURE

t Nathan Howell and his family operate Need More Acres Farm near Scottsville, Kentucky, and want to grow its online ordering system database for the crops local farms produce to allow healthcare providers to make referrals and prescribe beneficial foods. Photo furnished

Growing an agribusiness tech sector in Greater Lexington Another six early stage startups are getting $550,000 in challenge grant support along with business mentoring from the Bluegrass AgTech Development Corp., whose intent is growing an agribusiness technology cluster of companies in Greater Lexington. The latest awardees share an aim to turn innovation benefiting farm operations into successful businesses. The six recipients are the third crop of startups getting backing from BADC, an entity launched in 2022 by ag supplement producer Alltech, the state Department of Agriculture, the UK Martin-Gatton College of Agriculture, Food and Environment, and Lexington-Fayette Urban County Government. Recipients must match their grants 1:1 and establish at least a two-year presence here. Past recipients have generated 72 jobs, spent $1.5 million with local farmers and leveraged $900,000 in BADC grants into $12 million in investment. Their products all aim to cut costs and earn more money for farm operators. This year’s grant awardees are developing some cool products: FarmSense is working to make soil moisture sensors that cost $50-$80 apiece rather than the $200-$600 price of present commercial products. Moisture sensor use cuts water use 40-48%. FarmSense wants to make its product here. Lepidext is developing new biopesticides to target by species corn earworm and other members of the moth, skipper, butterfly family that in their caterpillar phase pose costly threats to crops. It is making its smart pesticides in a Lexington facility and wants to go national.

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Need More Acres Farm helps some 30 Kentucky farms channel locally grown crops through programs such as home delivery networks, Food Is Medicine and Farm To School. It wants to use participant data to allow clinical referrals and even prescriptions to be integrated into online ordering, expand access and give more growers reliable markets.

Silver Fern is upgrading the greenhouse and nursery management software it provides to 150 U.S. and Canadian clients. The six-year-old Lexington company will apply BADC resources toward adding an AI demand-forecasting module with machine learning to better predict store-level demand in a field that has to target narrow, weather-dependent selling windows.

Pascal Tags is adapting for ag use — where dirt, moisture and handling levels are high — its Barcode 2.0 tracking product that enjoys use currently with clients such as GE Appliances. It hopes to replace paper based records that fail too often with durable, automated tracking for farm equipment, inputs and crop marketing.

Sunnyside Egg Co. will scale its lower-cost mobile system for pasture-raised egg production for Kentucky farmers and expects to cut the typical $2 million investment for major operations to $120,000. Sunnyside want to increase production, expand its packing facility, then develop software for getting carbon credits. n

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BUSINESS BRIEFS INDUSTRY

Canadian manufacturing robotics maker puts first U.S. location in Lexington Avanced robotics maker BOS Innovations of Canada in August held a grand opening of its new manufacturing operation in Lexington, a $5.4 million investment creating 111 full-time jobs. The site along I-75 just southwest of the city is its first U.S. customer base. London, Ontario-based BOS Innovations Inc. is a leader in automation integration. Its specialty is engineering and deployment of advanced robotic production systems for industrial manufacturers. BOS customizes individual manufacturing with advanced robotics, laser, welding, precision assembly and advanced inspection systems for clients across North America to improve productivity, quality and competitiveness. “Manufacturers are investing in automation that delivers measurable operational value, but realizing that value depends on successful integration,” said Ben Huigenbos, BOS Innovations president. The Lexington site aims to provide a place where customers can collaborate with BOS engineers, explore proven solutions, and move forward with greater confidence in their technology decisions, Huigenbos said. n

BOS Innovations’ strategic expansion into Kentucky operations will enhance its customer response and add long-term value to both the Ontario and Kentucky manufacturing ecosystems. Photo furnished

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BUSINESS BRIEFS TOURISM

Airline bets special LEX flights for Breeders’ Cup will be a winner The Bluegrass can expect a bump in spending by visitors from Boston, New York, Los Angeles, Miami and Phoenix in late October thanks to extra Lexington flights American Airlines has booked for the 2026 Breeders’ Cup. Breeders’ Cup 2026 will present 22 Thoroughbred races with Future Stars juveniles running in 10 categories Friday, Oct. 30, and battles for 12 stakes and Championship crowns on Saturday, Oct. 31. More than $34 million in purses are at stake, with Breeders’ Cup Classic itself paying out $7 million. The added flights include non-stop ser-

BusinessLexington

vice between Blue Grass Airport (LEX) and Boston Logan International Airport (BOS), John F. Kennedy International Airport (JFK), Los Angeles International Airport (LAX), Miami International Airport (MIA) and Phoenix Sky Harbor International Airport (PHX).

LEADERSHIP

Flights from each city will arrive in Lexington on Thursday, Oct. 29, and depart on Sunday, Nov. 1, giving visitors the opportunity to enjoy the full Breeders’ Cup experience on October 30 and 31. Local travelers can also take advantage of the added service, with select outbound flights from Lexington available throughout the weekend for a quick getaway to Boston, New York, Los Angeles, Miami or Phoenix.

Leadership Central Kentucky introduced its newest class of regional leaders, who began the program with a retreat at Historic Boone Tavern in Madison County. Now in its 25th year, LCK develops and connects leaders across the region to strengthen their communities through collaboration, civic engagement and regional perspective.

American provides year-round, non-stops from Lexington to Charlotte, Chicago O’Hare and Dallas-Fort Worth. Reservations are at aa.com and the airline mobile app. n

Leadership Central Kentucky names 2026-27 class members

The 2026-27 LCK class members are: Josh Bellamy, Hunt Advantage Group; Megan Bentley, Life Adventure Center; Tim Bickel, McGregor & Associates; Jilian Blevins, Kentucky Horse Park; Sydney Blodgett, Kentucky Association of Counties; Todd Branham, CommonSpirit Health – Kentucky; Robert Burton, Kentucky American Water; Taylor Curtis, Community Trust Bank; Jackson Davenport, Baptist Health System KY & IN; Jamie Dean, Commonwealth Federal Credit Union; Gentry Deck, Eastside Community Church; Stefan Fink, Columbia Gas of Kentucky; Tasha Gray, Simon House; and Melissa Hammer, Kappa Delta Foundation. Also: Logan Hart, Bluegrass Area Development District; Keymia Herve, Kentucky State University; Laurel Humbert-Stock, Keeneland Association; Eric Landis, East Kentucky Power Cooperative; Amanda Lewis, Junior Achievement of the Bluegrass; Frank Mattingly, Ledvance; David Myers, Elanco Animal Health; Callie Northern, The Living Arts & Science Center; Sam Overbee, Old National Bank; Jeffrey Poston, Kentucky Utilities; Sheldon Sharpe, Bluegrass Community & Technical College - Winchester/Clark County; Jessica Simon, Burke & Herbert Bank; Sara Tracy, The HILL (Hub for Innovative Learning & Leadership); and Brenna Woolsey, Hallway Feeds.

Lexington will have additional direct flights from Boston, New York, Los Angeles, Miami and Phoenix during the Breeders’ Cup Championships. Photo furnished

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Find out more at leadershipcentralkentucky.com. n

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LUCY-4508 Business Lexington September 2026 Vertical HP Right Hand Read 4.025 x 9.925

BUSINESS BRIEFS

Castleton has a 13,500-square-foot main house and 10 staff residences on its 951 acres with 16 barns and 268 horse stalls. Photo furnished

REAL ESTATE

Horse Country crown jewel farm set for auction at a $57.5M list price One of the Bluegrass’ most storied and famed horse farms is for sale and is slated — if no one writes a large check first — for an invitation-only Oct. 28 auction expected to attract a once in a generation equine who’s who. The iconic 951-acre Castleton Farm on Iron Works Pike, just down the street from the Kentucky Horse Park, is listed for $57.5 million. Castleton’s pedigree dates to 1793 when Kentucky politician, statesman and horseman John Breckenridge founded it. In addition to the former U.S. senator and vice president, owners have included James R. Keene, the Van Lennep family and currently Shane Ryan, son of late Irish billionaire Tony Ryan, who co-founded ultra-low-cost Ryanair airline. The property is anchored by a Greek Revival mansion dating to 1840 that spans 13,500 square feet with seven bedrooms and 5.5 bathrooms. The estate’s architectural landmarks include an iconic stone round tower, meticulously maintained dry stone fencing, ornate ironwork gates, tree-lined drives, 16 historic barns with 268 stalls, 10 staff residences, covered bridge and a rare equine cemetery. Bluegrass Sotheby’s International Realty has the property listing. “Castleton is one of the most significant properties to come to market in recent memory,” said Riley Kirn of Bluegrass Sotheby’s International Realty. “For more than two centuries, this remarkable estate has been woven into the fabric of equine history.” Keeneland’s noted equine auction team will conduct the Oct. 28 sale event, which is dramatically planned as the final lot of the Keeneland Championship Sale of horses. The Breeders’ Cup World Championships follow Oct. 30-31 at Keeneland. n

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REAL ESTATE

BusinessLexington

PVA REPORTS Statistics on local residential and commercial property are compiled by the office of the Fayette County Property Valuation Administrator. The data reflect the most up-to-date information available at the time of printing for this publication, but monthly figures may be revised as additional public records of property transactions are submitted and become available. Top Commercial Transactions for July 2026 DATE

7/15/26 7/16/26 7/9/26 7/1/26 7/8/26 7/15/26 7/15/26 7/15/26 7/30/26 7/16/26 7/13/26 7/27/26 7/15/26 7/29/26 7/16/26 7/20/26 7/2/26 7/17/26 7/17/26 7/17/26 7/17/26 7/31/26

ADDRESS

1825 Little Herb Way 380 Virginia Avenue 110 W. Vine Street 2480 Fortune Drive 2400 Woodhill Drive 333 Waller Avenue 329 Waller Avenue 1320 Stanley Avenue 1700 N Broadway 1634-1636 N. Broadway 2400 Over Drive 618-622 Euclid Avenue 881 Newtown Pike 200 McDowell Road 1642-1644 N Broadway 122 S. Hanover Avenue 2828 Yellowstone Parkway 153 Burt Road Unit 3 153 Burt Road Unit 1 153 Burt Road Unit 2 153 Burt Road Unit 4 211 N. Limestone Unit 100

PRICE

STRUCTURE NEW OWNER

$50,000,000 $48,301,250 $6,000,000 $5,000,018 $3,900,000 $2,900,000* $2,900,000* $2,900,000* $2,250,000** $2,200,000** $2,000,000 $1,612,500 $1,037,200 $802,500 $800,000 $775,000 $515,000 $500,000* $500,000* $500,000* $500,000* $400,000

Skilled Nursing Facility Multifamily Office Building Office Building Multifamily Office Building Other Parking Garage Structure/Lot Retail Retail Warehouse Office Building Warehouse Multifamily Warehouse Multifamily Multifamily Office Condo Office Condo Office Condo Office Condo Office Condo

Lexington Propco LLC Gateway Lofts Owner LLC 110 West Vine LLC Bgj Holdings LLC Operation RS LLC Lexington Cap Realty LLC Lexington Cap Realty LLC Lexington Cap Realty LLC Lex Broadway LLC Elite Commercial Properties LLC Sbj Properties LLC 620 Euclid Ave LLC Elk Horn Farm LLC Cambron Daniel Elite Commercial Properties LLC The Johnson Legacy LLC Cannon Preston Ventures LLC Issac LLC Issas LLC Issas LLC Issas LLC Institute 193 INC

*Sale Price Based on a Multiple-Parcel Transaction ** Parcel includes multiple improvements, see property record for details

Residential Sales Data for July 2026

600

The chart below shows the monthly residential sales activity in Fayette County for the previous 24 months. The data for the most recent month reflects a projected estimate from the office of the Fayette County Property Valuation Administrator and is subject to change.

500

2026 RESIDENTIAL SALES 2025 RESIDENTIAL SALES 2024 RESIDENTIAL SALES

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400 300 200 100 JAN

FEB

MAR

APR

MAY

JUN

JUL

AUG

SEP

OCT

NOV

DEC

14%

-1%

21%

-6%

13%

-13%

-6%

20%

MONTHLY PERCENTAGE CHANGE OVER PREVIOUS YEAR

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CRAVE WORTHY

BusinessLexington

The Long Run Timing, service, fine food, loyal customers take Dudley’s into 45th year BY SHANNON CLINTON

ebbie Long knows that today, launching a new restaurant with “no clue” about running it is dangerous business. But that’s just what she did 45 years ago, and that restaurant, Dudley’s is still going strong, serving up Long’s personal favorite Pasta Dudley, hot browns, scallops, steaks, chops, seasonal cocktails among other libations, and much more. “I realize that it doesn’t work anymore,” she said, laughing about her novice years. “I think the timing was good.” A Louisville native who also attended the University of Kentucky, Long worked in ski lodges, steakhouses and pubs in the 1970s when living in Colorado, mainly because the flexible work hours allowed her more time for skiing. But the restaurant industry grew on her — seeing people happy, full of energy and in many cases, becoming her friends. So when she moved back to Kentucky, planning to stay just four or five years before heading back to the mountains, she opened a new restaurant, Dudley’s, in 1981 in Dudley Square with then-business partner John Shea, whom she bought out eight years later. What she needed to know, she learned, and she was dedicated to making the restaurant thrive, even amidst challenges. Famed landscape designer Jon Carloftis is among the many longtime loyal customers of Dudley’s. Photo furnished

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BusinessLexington

Dudley’s and, since 2010, Dudley’s On Short has built a local clientele who return again and again to savor the experience of dining in Debbie Long’s downtown Lexington restaurant for 45 years. Photo furnished

In 2003 she opened another venue over in Chevy Chase, Buddy’s Bar and Grill, but sold it after about seven years, factoring in The Great Recession’s effects and in 2009 losing her main restaurant lease, prompting the relocation of Dudley’s to West Short Street in a 1889-era former bank building requiring about five months of renovation. Long said Central Bank helped her secure a small business loan and she found four partners to buy the building where Dudley’s now resides. It was business as usual for a while until the next hurdle arose: COVID. “That was the most interesting time,” she said. “There wasn’t a playbook for it, so you just kind of went day to day. You really didn’t know what to do, and we survived that, so here we are 45 years later.”

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CRAVE WORTHY With four employees whose tenures added together comprise a century of service, Long credits her great staff and customers-turned-friends for Dudley’s longevity. Counted among the latter is noted landscape desiger Jon Carloftis of Lexington, who has been a customer since the beginning, having dinner with his parents at Dudley’s original location when he was a University of Kentucky freshman. “To stay in business 45 years in any kind of business, that’s something,” he said. “But a restaurant business? It’s just unheard of, really.” Carloftis said Lexington is fortunate to have a vibrant food scene, and credits Long with carving out her niche, creating spaces where horse farm owners along with all ages and generations of customers gather to enjoy good food. That includes his go-to order, medium rare steak with mayo instead of ketchup, preferably enjoyed in the boisterous, people-watching haven found in the bar area. He said if someone wants a quieter setting for their meals, the traditional dining areas are the place to pull up a chair. And of course he enjoys the rooftop garden area — he designed and built it after Dudley’s relocation.

BusinessLexington

The service, he said, is what really makes Dudley’s special. “There’s no place that has service like Dudley’s,” Carloftis said. “I mean come on, it’s the best place. It’s amazing!” Langdon Shoop said the first time he ate at Dudley’s was in 1986 as an 11-year-old with his mother, and in recent years he’s often dined there three to five times a month. “I was not a fine-food person until after college, and a friend and I started eating there with real frequency in 1997,” he said. “I have had many birthdays there, and in fact my wife and I had our surprise wedding ceremony upstairs there in 2017.” On a first-name basis with staff members and good friends with Long, Shoop tells people the reason he likes living in downtown Lexington is because, “It’s a five-minute walk to Dudley’s and a 10-minute walk home.” This level of fandom has its benefits. “My favorite dish is an off-menu filet that used to be on the menu called Marchand de Vin,” he said. “It is an awesome Filet Mignon with a red wine reduction sauce and shallots. It is amazing. It went off the menu several years ago, and I requested it so often that they added a button for it back into their computer.”

Owner Debbie Long made an enormous pivot in 2009-10 when her long-time Dudley’s Square lease ended. She sold her second restaurant, Buddy’s, took on three partners, renovated a building on Short Street and finally reopened after more than a year of no operations. Dudley’s On Short became an even larger success. Photo furnished

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BUSINESS LEXINGTON SEPTEMBER 2026

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CRAVE WORTHY

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Customers say service and attention to quality are what makes Dudley’s On Short an experience they seek out over and over. Photo furnished

Over the years, Dudley’s has been recognized by Wine Spectator, twice named “Best in the South” in Southern Living Magazine and featured by Bobby Flay on the Food Network. To celebrate the 45th anniversary and share memories with those who made it possible, Dudley’s held “A Night of Nostalgia” event in late August, and a supper series featuring notable guests is planned later this fall. Long said eventually she’ll be ready to pass the baton to a new, energetic owner with their own vision to hopefully carry the Dudley’s brand forward. There have been fleeting thoughts of retirement, she admits, but then someone will share their heartfelt thanks for being able to return time after time to the place where they celebrated an anniversary or special birthday, the place where their favorite comfort meal still awaits them, prepared just as they remember it, and she gets another second wind. “I’ve never been much on projections for the future because I hate disappointment,” Long said. “… I guess maybe one day I’ll look in the mirror and say, ‘I’m done!’ but I haven’t gotten there yet.” n

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QUICK BITES

BusinessLexington

There’s a generous angel’s touch in the dessert and operation at Seven Elms Cafe

BY SHANNON CLINTON

new lunchtime café with Touched by an Angel Bread Pudding has another angelic angle — an easy way for customers to help feed the less fortunate. Opened in mid-August, Seven Elms Cafe is located at the corner of 7th Street and Elm Tree Lane in Lexington’s east end. Owner Bruce Jones said in 2023 he purchased the building that had formerly housed The Green Lantern Restaurant Bar, which relocated. “We are offering quality sandwiches and homemade soups, along with a couple of salads and home baked items,” Jones said. And the featured dessert is Touched by an Angel Bread Pudding, featuring a bourbon sauce using Angel’s Envy Bourbon in honor of Jones’ late friend and brand founder Lincoln Henderson. About $1,000 had been collected by press time for the café’s Giving Tree. Guests can pre-pay for a sandwich or soup, and a “leaf” will be added to the tree for anyone who is in need to choose a leaf and receive that item at no cost, Jones said. In other Lexington-area food and beverage industry news: A new nail salon serving cocktails, Polish Lounge, was set for an August opening at 4257 Harrodsburg Road, Ste. 140, Lexington with a full range of nail care services coupled with craft coffee, matcha, refreshers, cocktails and wine, according to its Facebook page and website. A couple of local favorites have been listed for sale, including Mr. Shawarma in Nicholasville, and Al-Taj Mediterranean Bakery & Sweets at 4097 Nichols Park Drive, #116, in Lexington. Al-Taj officials noted on social me-

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dia that they’ll remain open during this process. “We will continue every single day during our regular hours — serving you with the same love, care and quality that you have always known — until we find the right buyer to take over the business,” the post said. Al-Taj is known for baklava, cookies, pies, Dubai chocolates and other sweet treats.

Matchang Matcha café on National Avenue in Lexington’s eastern downtown includes a range of Filipino matcha drinks. Photo furnished

Nic & Norman’s officials announced their Main Street Lexington location’s closure as of Aug. 1, adding, “...while it’s bittersweet to say goodbye, we’re incredibly grateful to every guest who walked through our doors and every team member who poured their heart into making this restaurant what it was.” New Orleans-inspired PJ’s Coffee is arriving and operating at several area Estepp Energy-run gas stations, according to C-Store Dive, which adds that this Big Easy brand coffee will be available via either full café style with drive thru or in store at end cap locations or counters. Matchang Matcha Filipino-inspired matcha cafe has opened at 833 National Ave., Lexington, within Wildfire Yoga Studio. Limited release fall specials starting Aug. 30, include Ube Pumpkin Matcha, Banana Bread Matcha and Biko Brown Sugar Matcha; see their Instagram posts for availability. Ethnos Cafe has opened at 189 E. Brannon Road, Nicholasville, serving European style breakfast, lunch and dinners, sourdough bread, desserts and coffee. Darling Wine Bar is expanding to open Hello Darling Bar & Bottle at 128 Deweese St., Ste. 120. The Lexington Herald-Leader reports light lunches and snacks will also be served here. The Never Say Die bourbon brand is opening a tasting room, pub and distillery at 259 W. Short St., Lexington this fall. Meanwhile, New Era Distillery planned a Sept. 2, ribbon cutting on its 333 E. Short St. location, which will feature a combination distillery, gift shop, tasting room and social club. Mai Thai Restaurant at 304 Southland Drive has been sold and according to its Facebook page would close Aug. 31; it’s unclear when and how it might reopen under new ownership. Cottage Cafe in Nicholasville closed in mid-August after 20 years in business. PHOTO BUSINESS LEXINGTON SEPTEMBER 2026 FURNISHED

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QUICK BITES

BusinessLexington

Lemon Tree Cafe at the University of Kentucky College of Agriculture Food and Environment has moved to the renovated and expanded Scovell Hall on campus. After a devastating fire more than a year ago, Miyako restaurant reported August 2026, as its planned reopening time frame, but work appeared ongoing in mid-August. The Lexington Herald-Leader reports Beef ‘O’ Brady’s and The Brass Tap are looking at the Lexington market for new franchise locations, and that Smalls Sliders and Bad Ass Coffee of Hawaii are coming to the Idle Hour shopping center. Thirsty for more? Fizzy Fox dirty soda shop, featuring Golden Hour baked goods, is open at 460 Southland Drive. Wilmore Scoops and Slices is coming to 319 E. Main St., Wilmore in the former Sims Drugstore. n Have food- and beverage-related news to share? Send it to editor@smileypete.com.

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University of Kentucky student-run restaurant Lemon Tree Cafe has a new on-campus home at the recently renovated Scovell Hall. Photo by Matt Barton | UK College of Agriculture, Food and Environment

8/26/26 8: 8 PM

TOURISM

Fall Colors Include a Rosy Outlook Game days, races, big name concerts suggest 2025’s record tourism impact will be topped BY SHANNON CLINTON

here’s lots to love about fall in Kentucky — the fiery orange, red and yellow foliage, fresh-picked apples and corn mazes are signals it’s time also for concerts, festivals, horse races, football games and more — and 2026 is looking like a beauty. The economic outlook is the rosiest ever. In Lexington and elsewhere, these events combined produce a significant economic impact, both directly — money spent at events, traveling, shopping or in restaurants during a person’s visit for example — and indirectly, such as when an attraction buys brochures from a local print shop or a bustling hotel outsources laundry service to another business. Visitors spending money for shopping, restaurants, gas stations, entertainment destinations and hotels also generate tax revenue boosts — additional government funding for basic operations and to maintain and improve roads and other infrastructure, costs otherwise borne by full-time residents in the form of higher income and property taxes. In 2025, Fayette County had a record-breaking $1.71 billion in economic impact from travel and tourism, generating $133.7 million in state and local tax revenue and creating 11,813 local jobs. What does that mean for local residents? $526 in annual tax savings for every household, VisitLEX data shows.

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An estimated 3.6 million visitors came to the Lexington area in 2025, with an average party size of 2.7 people who arrive with things to do and money to spend — $197 per person on the average overnight trip expenditure, VisitLEX President Mary Quinn Ramer said. “That’s a multiplier effect if you’ve got a party of three or a party of four,” she said, adding that fall events and activities build upon that positive economic data. Ramer believes this fall is poised to be bigger than fall 2025 for tourist activity, given an assist by a Sturgill Simpson Rupp Arena concert falling the same late October weekend as the Breeders’ Cup World Championships at Keeneland. Upcoming concerts at Central Bank Center/Rupp Arena are music to tourism officials’ ears, including Johnny Blue Skies & the Dark Clouds, Jonas Brothers and Lil Wayne. CBC is also welcoming the Kentucky Reptile Expo, Lexington Comic & Toy Convention, Lexington Home Show and Scarefest Weekend. Classic rocker Three Dog Night and soft jazzer Kenny G are among recent performers at the Lexington Opera House, with comics Leslie Jones and Patton Oswalt set to appear in September.

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TOURISM t Seven home UK football games at 61,000-seat Kroger Field this fall, including Alabama, LSU and Louisville, will bring millions of dollars of spending to local businesses. Photo furnished

Several larger fall conventions are taking place here, too, including a Kentucky Engineering Center conference and Kids Are Worth It! Conference, both in September at Central Bank Center. The Kentucky Travel Industry Association conference and Kentucky Association of Counties both visit in November. Sporting events include the Kentucky Higsh School Athletic Association State Cross Country Championships in late October at the Kentucky Horse Park and a Universal Dance Association cheer and dance teams competition at Central Bank Center in November that’s expected to draw about 12,000 participants. And, of course, University of Kentucky home football games bring big time SEC football, an industry unto itself that fills stadiums, including 61,000-seat Kroger Field. Tailgaters’ tent frames began sprouting in early August to stake out space in surrounding blocks. “Everything that’s on the books is pointing toward an outstanding fall I think, with Breeders’ Cup obviously being the capstone of all that,” Ramer said. A 2022 analysis taking into account direct and indirect economic impact of that year’s Breeders’ Cup at Keeneland — including the buildout of temporary structures — was estimated at $81 million, she said. “In talking with Breeders’ Cup and Keeneland (officials) recently, they think it will surpass that for this year,” Ramer said, noting $100 million in new Keeneland expansion and ren-

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ovations will further elevate the tracks’ admired guest experience during Breeders’ Cup and other fall meet races. On the heels (or hooves) of a United States Eventing Association American Eventing Championships in late August with hundreds of equestrians competing from across the U.S., Kentucky Horse Park is hosting the 38th Annual Rocky Mountain Horse Association International Grand Championships in early September, followed by events like the National Mounted Police Colloquium and Kentucky Hunter Jumper Association Fall Show. The Kentucky Horse Park is owned by the Commonwealth of Kentucky and welcomes 1 million guests annually to its estimated 200 annual events, according to its website. Data supplied to VisitLEX shows hotel occupancy rates January to December 2025 at 61% for 9,200 hotel rooms on a day-in, day-out basis. The average room rate in that period was $125. When there are big UK football home games or large conferences or events in town, room rate averages might jump to a peak rate of $180 or $185 to accommodate demand, Ramer said. Last October 17-18, when Keeneland races fell during the long-awaited UK vs. Texas football game, countywide hotel stats told the tale, she said. Weekend occupancy hit 96%, coupled with a weekend average daily rate of $268.77, which further boosted tax revenue. “We see several weekends in the fall where we have that kind of demand. And Breeders’ Cup rates will well surpass a (typical) strong fall weekend, making all data point to another outstanding fall in the Bluegrass,” Ramer said. “When you add strong convention groups in with those peak leisure weekends, that’s a winning fall for tourism in Lexington and the region!” n

t Breeders Cup championship visitors in late October can also see a Sturgill Simpson show at Rupp Arena that weekend. Other major concert draws Jonas Brothers and Lil Wayne are slated to perform this year in Rupp, which can accommodate more than 15,000 for shows. Photo by Stephanie Bork at CBC for VisitLex

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The graceful Keeneland Paddock Building has been expanded and enhanced for more close-up encounters with the race athletes, both human and equine, and accommodations for more dining. Photo furnished by Keeneland Racetrack

PHOTO

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Renewed Keeneland Ready for the Spotlight $100 million in upgrades, will greet sales, fall meet, Breeders’ Cup attendees BY SHANNON CLINTON

ince it “broke from the gate” in 1936, Keeneland racetrack has put its stylish stamp on Kentucky’s Thoroughbred industry, its ivied limestone structures and tree-lined landscapes obviously destined to become a National Historic Landmark. As the track celebrates its 90th birthday with the return of the Breeders’ Cup World Championships this fall, the Thoroughbred sales and racing facility is providing further horsepower to the Lexington-area economy. The 2026 fall meet, held Oct. 2-24, with no Monday or Tuesday races, will be the first opportunity for racing fans to take in enhancements of the track’s largest ever capital project, Keeneland Director of Communications Gabby Gaudet said. A $100 million investment bringing new construction and renovated guest spaces, these improvements include the 93,000-s.f. Paddock Building that now adds several new hospitality and race viewing areas, as well as the Saddling Paddock and Stakes Winner’s Circle unveiled this spring and last fall, respectively. “How it worked was, back last fall was completion of the first phase of the renovations and the opening of the grand east entrance, the widening of the walkways. The stalls were moved as well from the far end of the paddock to underneath the new Paddock Building, and we also introduced a new Winner’s Circle,” Gaudet said. It’s shaping up to be a busy fall at the famed racetrack. For the annual September Yearling Sale in mid-September, now in its 83rd year, people from all over the U.S. and 40 to 50 countries are expected to be among attendees to the prestigious Thoroughbred sale. Keeneland figures released earlier this year shows the 2025 September Yearling Sale was the world’s highest-grossing Thoroughbred auction in history, when 3,078 horses fetched $531.7 million in sales.

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A record 56 horses sold for at least $1 million. The overall average price of $172,755 and $80,000 median price also set records. This year, Keeneland’s catalog will have 4,635 yearlings sold in 12 sessions. Some who come for the sale will stay through mid-November to attend all fall events and sales there, including Breeders’ Cup, Gaudet said. The Breeders’ Cup World Championships event alone is a significant economic driver. It returns to Keeneland this year for the fourth time. Keeneland data shows the 2026 Breeders’ Cup will feature 14 championship races worth more than $34 million in purses and awards, on the heels — or hooves — of its Fall Meet Oct. 2-24. Including the undercard there will be 22 races for 2-year-old juveniles and their elders. Last fall, when the two-day Breeders’ Cup World Championships were held in California at Del Mar Thoroughbred Club, a Sport Management Research Institute study revealed an estimated $125 million in total economic impact was generated, amidst record global wagering of $210 million with $11 million in federal and $7.6 million in state and local tax contributions.

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BusinessLexington

A Keeneland visitor enjoys a moment taking in the view of the historic track’s paddock on a meet day. Photo furnished by Keeneland Racetrack

Visitor spending totaled $38.7 million during the Del Mar event. “Breeders’ Cup is proud to deliver not only world-class racing, but also meaningful economic impact for our host communities,” said Drew Fleming, president and CEO of Breeders’ Cup Limited in a written statement on the study’s findings. “The results from Del Mar in 2025 demonstrate the strength of our global festival, from record wagering to significant job creation and visitor spending. We’re especially encouraged by the strong tourism indicators, which show how the World Championships continue to elevate host destinations and drive long-term economic benefits well beyond Breeders’ Cup week.” During Keeneland’s spring and fall meets, when European horses compete, for example, with them come teams of trainers and other stakeholders and care providers who will spend money locally, Gaudet said. As far as estimates of how many people might attend the fall meet, she refers to spring meet numbers. She said Keeneland caps daily attendance to 23,000 for dining and general admission combined, and tickets usually sell out quickly — the new Paddock Building has enabled 1,000 more tickets to be available. The last time Breeders’ Cup was held at Keeneland, about 40,000 per day attended. All told, Gaudet said the equine industry in Kentucky has a $6.5 billion annual economic impact, supporting more than 60,000 jobs statewide, from hospitality and retail to transportation and more. A 2024 study by Dr. Thomas E. Lambert from the University of Louisville’s departments of Equine Administration and Economics closely examined the impact of these annual events at Keeneland. In 2023, Keeneland’s spring and fall meets and annual Thoroughbred auctions, combined with construction projects, special events, tours, retail and its library, contributed more than $1.6 billion to Fayette and neighboring counties, the study showed. And where do these equine enthusiasts come from? The study showed 67% of Keeneland sales attendees hail from outside Kentucky, and 24% of those from outside the U.S. Construction projects at Keeneland provide $166.6 million in total economic impact to the metro area, the study noted, part of a $1.46 billion annual contribution to the region’s economy, and its year-round special events program along with retail, tours and library operations contribute $97.7 million to the area economy, the study found.

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As the world’s largest Thoroughbred auction facility, Keeneland’s four-times-yearly Thoroughbred sales have a $1.16 billion total economic impact. Those attending spend $336 million in local restaurants, hotels and other businesses, the study showed. Fans from all 50 states and overseas attending the spring and fall meets spend $190 million during these races, creating a $300 million total economic impact and funneling nearly $40 million into state, local and federal tax coffers. Track operations employ approximately 250 full time and about 2,000 seasonal workers. While Keeneland’s total economic impact only grows, City of Lexington Chief Development Officer Kevin Atkins said the Thoroughbred industry prepares fertile ground in the Bluegrass when it comes to marketing Lexington-Fayette County on a global stage. “There’s the other side that people really don’t think about. For example, this year we get to host the Breeders’ Cup. That is two intense days that

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BusinessLexington

The Sycamore Room in the renovated Paddock Building. Photo furnished by Keeneland Racetrack

folks around the world are programmed in on Lexington — that’s (free) advertising, that’s marketing that as a community we couldn’t afford,” he said. And after a day at the races, those guests have plenty to see and do in and around Lexington, Atkins said, noting that for some their Keeneland visit may be their first time to experience Lexington and Central Kentucky. Lexington is fortunate, he said, to have a popular draw like Keeneland. “They’re a great corporate partner. They’re a great partner to the community. What they give back is so much, and the impact is huge in so many ways,” he said. Gaudet said race and sale-goers at Keeneland often soak in the full Kentucky experience, visiting horse farms, bourbon distilleries and other tourism destinations. “I think when they come to visit Lexington, it seems like they are making plans to come back before they leave!” she said. n

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FINANCE

t Gratz Park Private Wealth founder and president Sherry Holley. Photo furnished

A Fresh Perspective Gratz Park Private Wealth and founder Sherry Holley focus on a highly personalized approach to investment strategies BY BRENT OWEN

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exington might not be where Sherry Holley, president and founder of Gratz Park Private Wealth, spent her early childhood. But it is where Holley’s family would ultimately plant their roots as she reached her high school years. As a graduate of Lafayette High School, those roots have remained strong throughout her personal and professional life ever since. “I moved around a lot as an Army brat,” Holley says, recalling childhood stints in Florida and Germany. Her parents, however, were both from Western Kentucky, near Paducah, and eventually the family settled in Lexington. She earned her bachelor’s degree in business management from Transylvania University, where a May-term class helped set the course for her career. The professor took an unconventional approach to teaching wealth management: Students essentially became brokers, building mock portfolios and experiencing the excitement and pressure of the Wall Street trading floor. Holley was hooked. Nearly three decades later, her career has included extensive experience as a senior wealth advisor and advanced education through the Wharton Business School and Yale School of Management. She completed Wharton’s Wealth Planning Essentials Program in 2016 and Securities Industry Institute in 2017, and earned her Certified Private Wealth Advisor certification through the Yale School of Management. However, for Sherry Holley, wealth management has never been just about the numbers. It is about people, families, possibilities and, ultimately, what money can make possible in a person’s life. That philosophy has guided her through nearly three decades in the wealth management industry and, since 2018, as president of Gratz Park Private Wealth, the independent Lexington firm she founded with a desire to do things a little more independently. After years at Hilliard Lyons (which since became Baird), Holley realized she wanted greater freedom to determine how she served her clients. “Big companies and banks have such narrow parameters in which they have to work,” she says. “That just wasn’t for me anymore.” Eight months after she left Hilliard Lyons, the company was acquired by Baird, reinforcing for Holley that the decision to establish an independent practice had been the right one.

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FINANCE At Gratz Park Private Wealth, Holley has built a practice centered on a highly personalized approach to wealth management. The firm specializes in serving clients by integrating investment, tax and estate planning into unique strategies designed around each client’s specific goals and circumstances. The distinction is important to Holley. Rather than asking simply how much a client can make, she believes wealth management should begin with a more fundamental question: What does that wealth mean to the person who has it? That desire for an independent approach ultimately led Holley to do things a little differently, the obvious contrast being that it is a primarily female company in a male dominated industry. That was never part of a deliberate plan, Holley says. “I didn’t,” she says when asked if she set out to build a primarily female company. “It just kind of shook out that way.” The firm does employ a man whom Holley describes as exceptionally talented — “we couldn’t pass up the talent” — but she believes the predominantly female team has become part of what makes the company unique. Holley sees a philosophical distinction in the way women and men may approach financial conversations. “With men there’s a feeling of, ‘What’s the bottom dollar? Where’s the most gained?’ ” she says. “With women, financial and wealth management is more about, ‘What does this dollar mean? How can it support me and my family?’ ” For Holley, that difference is especially relevant because financial conversations can be deeply personal. “Finances can be a very personal and intimate conversation,” she says. “I think some people are just more comfortable having those conversations with women.” While her client base remains primarily Lexington and Central Kentucky-based, Gratz Park Private Wealth’s reach has expanded well beyond the region. Clients who once lived locally have moved across the country, including students and retirees, while the firm recently acquired a small Asheville, North Carolina, practice, creating a new client base in that market. Yet Lexington remains central to Holley’s professional and personal identity. Her commitment to the community extends far beyond her business. She supports many local organizations and serves on several local boards;

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BusinessLexington

Gratz Park Private Wealth has a predominately female staff and has acquired an Asheville, North Carolina, practice. Photo furnished

including her alma mater Transylvania University, where she chairs the Investment Committee and serves as vice chair of the Finance Committee. Holley is reluctant to describe herself as a trailblazer simply because she leads a primarily female organization in a traditionally male-dominated field. Instead, she defines trailblazing more broadly as a willingness to question convention and remain open to what comes next. “I think of being a trailblazer because I’m open to anything new and interesting,” she says. That philosophy extends to the way she leads her team. Holley encourages employees to bring forward new technologies, strategies and ideas, even if they ultimately decide those innovations are not right for the firm. “I tell my staff, ‘Our options are as big as the blue ocean,’” she says. “There’s nothing I don’t want to hear about.” For Holley, not every new idea will become part of Gratz Park Private Wealth’s approach. But every idea deserves consideration. That openness may be the clearest expression of the fresh perspective Holley has brought to an industry built on tradition: Wealth management is not simply about preserving what has been accumulated. It is about understanding the people behind it, helping them make informed choices, and giving them the freedom to shape what comes next. And for a Lexington native ultimately by circumstance and now by choice, community commitment and nearly 30 years of experience, Holley is building that future on her own terms. n

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FINANCE

BusinessLexington

SBA loan process might help businesses as much as the loan itself BY LIZ CAREY

tarting a small business can be a daunting task, even before it comes to financing it. But using Small Business Administration (SBA) loans are a way for smaller companies, newer companies and companies without a proven lending track record to get the financing they need, said Fausto Sarmiento, center director for the Kentucky SBDC (Small Business Development Center) in Lexington. An SBA loan makes the most sense when a business owner needs a viable solution to a “feasible problem,” he said. “When a transaction may not quite fit inside the box of conventional commercial lending,” Sarmiento said, “an SBA loan helps the lender say, ‘Yes, we may fund the loan, if we can get an SBA guarantee.’ The business must prove it may repay the loan. “What the SBA guaranty may do is help a lender become comfortable with a transaction that might otherwise present too much risk because of insufficient collateral, the age of the business, the size of the project, or some other factor.” The best thing a small business can do when they want an SBA loan, Bob Watson, senior vice president of commercial lending with Community Trust Bank, said, is to go to the SBDC for help with some of their basic paperwork. Community Trust is one of the SBA’s preferred loan providers and makes the most SBA loans in the state, Watson said. While no two SBA loans are alike and there are no guarantees when helping people get credit, he said, with the right cash flow and the right information, he said he can generally help businesses get SBA loans in 30 to 45 days. SBA loans make sense for a variety of different businesses, Sarmiento said. Small businesses run the gamut from small mom and pop shops on Main Street to manufacturing companies with less than $5 million in annual revenue. SBA loans are evaluated just like any other loan, he said. While one of the biggest misconceptions about the loans is that they are only for small start-ups or businesses in trouble, the loans are available to any business that meets the loan’s qualifications. Lenders evaluate all loan requests through the ‘5 Cs of Credit,’ ” Sarmiento said. “The more work a business owner does to shore up five focus areas before approaching a lender, the more

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compelling the loan request becomes. The 5 Cs of credit are Character, Capacity, Capital, Collateral and Conditions.” Character refers to whether the lender believes the borrower will do what they say they will do, he said. Capacity is the business’s ability to generate enough money to service the debt. Capital is the owner’s personal investment into the business, as well as the business’s financial reserves. Collateral refers to any secondary source of repayment. And conditions include the loan’s purpose, the strength of the industry and economy, and the specific circumstances surrounding the request. “Business owners may improve their chances of approval by addressing all five before the lender has to ask,” Sarmiento advises. “Be prepared to explain your credit history, demonstrate repayment ability with solid financial statements and realistic projections, show meaningful owner investment, understand what assets are available to serve as collateral, and clearly articulate why the financing makes sense in the current business environment. A weakness in one area does not always kill a deal, but it does need to be understood and, where possible, offset by strengths elsewhere.”

“The more work a business owner does to shore up five focus areas before approaching a lender, the more compelling the loan request becomes. The 5 Cs of credit are Character, Capacity, Capital, Collateral and Conditions.” FAUSTO SARMIENTO CENTER DIRECTOR FOR THE KENTUCKY SBDC

It’s all about cash flow and collateral, just like any other loan, Watson said. “When I bring them in, I’m going to make sure that they have at least three years of financials,” he said. “If not, I’m going to have them go to the SBDC.” The center helps businesses put together a business plan. It will do three years’ worth of projections, broken down the way the SBA wants to see it. It will calculate debt service coverage ratios. “They’ll do all the stuff that meets the SBA lending requirements,” Watson said, “and the great thing about it is that it’s a free service. It won’t cost the business a dime.” One of the biggest misconceptions he sees about loans is that they are expensive, which he blames on brokers.

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FINANCE “Where I’ve seen people get disappointed with SBA lending is when they go through a broker and they rip them off with their fees and what the loan costs to put together,” he said. ”It’s going take them three times longer and cost them three times as much to get the loan on the table. If I was advising anybody that wanted to get a business loan, I’d say to go to the bank first and let the bank determine whether they’re a candidate for the SBA.” Even if they don’t qualify for an SBA loan through a regular bank, there are other options, said Shirie Hawkins, president of lending with Community Ventures. Community Ventures can help businesses who have been turned down by their banks, either because the business is too new, or because the business or the owner has a credit issue, with microloans. Community Ventures also handles SBA 504 loans that are strictly for asset purchases, Hawkins said. “For our SBA micro loans, it has to be a for-profit business. And the money can be used for equipment, business vehicles, inventory, supplies, leasehold improvements, marketing, working capital, those type of things,” she said. “But for the microloans, it’s for a maximum of $50,000.” With those loans, Community Ventures likes to work with

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the borrower to make sure it is something that will set them up for success. “A business may come in for $50,000 and have a 400 credit score, but then we at Community Ventures are going to work with you with our technical assistance advisors one-on-one,” Hawkins said. “We try not to tell you ‘No.’ It’s generally ‘Not right now.’ “You may not be able to qualify for a $50,000 loan at this time, but we may need to work with you in baby steps to get you a smaller loan so that you can work on your credit and get your business going so eventually you can go for a higher dollar amount.” And whether it’s a microloan with Community Ventures or a large SBA loan with Community Trust, it’s important to talk to your banker as soon as you can to get the loan process started. “Any time you’re interested in getting a business loan, I would suggest you look at that as soon as possible,” Hawkins said. “I wouldn’t wait until you’ve used all of your savings, or retirement, or anything like that. “As soon as you’re interested in starting a business, you may want to have a conversation with your banker or with us here at Community Ventures about what it is that you need to have in order to get a business loan.” n

Real people. Real business banking. Starting, managing and growing your business is hard enough without any extra hurdles. At Central Bank, you’ll always reach real people who know you, understand what you’re working toward and are ready to help you move forward. Because when it matters most, you deserve someone standing in your corner. Visit one of our locations or contact your banker today at 859-253-6222 or centralbank.com/business-relationships.

Member FDIC Loans subject to credit approval.

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Central Kentucky • Northern Kentucky • Louisville

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FINANCE

BusinessLexington

t With economic development studies finding shortages of housing in Central Kentucky — and everywhere else in the nation, banks are improving lending options to increase the supply. Photo furnished

Closing the Housing Gap Central Kentucky banks invest in new housing while helping more buyers afford a home

C BY MARK GREEN

entral Kentucky financial institutions are proactively creating strategies to strengthen the housing market, which the broader business community says is vital to longrun success — adequate housing being a prerequisite for meeting the workforce needs all community are chasing. Banks far and wide are making moves, led in dollar terms by Chase Bank, the nation’s largest and a significant Kentucky operator, which recently committed to lend $750 billion toward uplifting the housing market, especially affordable housing.

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In Lexington, a city-commissioned study earlier this year estimated a current need for 8,000 more single-family homes and 14,000 rental units. One of the most significant local initiatives began in 2023 when five banks, led by Central Bank, pooled $3 million to buy a 12-acre tract in north Lexington that been Transylvania University’s baseball field for the purpose of developing what they hope eventually will be 200 affordable housing units. Stock Yards, Traditional, Republic and Community Trust banks also participated, and they got input from five local developers: AU Associates, Winterwood, Habitat for Humanity, Urban League of Lexington and Lexington Housing Authority. The strategy has created a special revolving capital pool that helps the builders finance construction as they go. A similar statewide version of this collaborative model is currently in development. “This pilot project shows what’s possible when local banks work together on a shared community need,” said Dan Mason, president of Traditional Bank. “We’re looking at how to scale that same model statewide.” Beyond this project, Mason said, Traditional: • Is an active buyer of low-income housing tax credits (LIHTC), a key financing tool that helps developers build and preserve affordable rental housing.

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FINANCE • Routinely provides construction financing for low-income housing developments across its footprint. • Partners with Lexington Habitat for Humanity, contributing volunteer labor, homebuyer education support, and direct financial donations. Todd Ziegler, Republic Bank Central Kentucky market executive, immediately references the five-bank Affordable Housing Fund in discussing his institution’s efforts. “In addition to community partnerships, Republic participates in a variety of programs designed to make homeownership more attainable for low- to moderate-income borrowers,” Zeigler said. “These include Federal Home Loan Bank programs offering competitive mortgage ZIEGLER rates, Neighborhood Housing Program financing, down payment assistance programs providing up to $6,000 for qualifying borrowers, financing support for Habitat for Humanity homeowners, and Kentucky Housing Corporation (KHC) bond programs.” Republic also offers the Federal Home Loan Bank’s Welcome Home Program, which provides grant funding to eligible homebuyers for down payment and closing costs, and hosts first-time homebuyer education classes to help prospective homeowners navigate the purchasing process with confidence. “Republic Bank is actively engaged in expanding access to homeownership and supporting affordable housing initiatives across Kentucky and our broader footprint,” Zeigler said. PNC Bank, which has the largest deposit market share in Kentucky, deploys lots of equity and debt capital through its PNC Multifamily Capital to support development and preservation of affordable homes for low-income families, seniors, people with disabilities and formerly homeless individuals. Kentucky is home to PNC Multifamily Capital’s national leader, as well as a robust team of bankers who specialize in this vital scope of work, both locally and nationally, the bank said in a statement to Business Lexington. PNC Multifamily Capital’s impact largely comes to life through Low-Income Housing Tax Credit (LIHTC) equity investments, which are deployed through both direct investments and syndicated funds to institutional investors. This summer PNC announced that Lexington’s Malabu Manor is among the developments financed through its LIHTC Fund 104. Malabu Manor will serve seniors and include resident services focused on stability, connection to community resources and ongoing engagement. BYRD “As the largest bank in Kentucky, PNC is committed to doing our part to increase housing supply and protect the affordability of existing housing,” Kristen Byrd, PNC regional president for Kentucky, said at the 2026 Kentucky Affordable Housing Conference in Lexington in August.

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BusinessLexington

PNC is putting equity and capital toward development and preservation of affordable rental housing across urban centers, suburban neighborhoods and rural communities, she said. “An overarching premise that has guided our work in this important space is that addressing the housing affordability challenge requires ongoing multi-stakeholder collaboration, innovation and investment,” Byrd said. “I am encouraged by what is possible when we collaborate to maximize our collective impact. Each community has distinct needs, and the most effective approaches are those shaped by local insight and experience.” Community banks like Forcht Bank support Kentucky homeownership by making lending decisions locally and invest directly in the communities it serves, said Kimberly Bussell, Forcht marketing director. While large national institutions can commit resources on a scale that differs significantly from community banks, local banks have a meaningful impact through relationship-based lending and education, support for builders and developers, and helping families achieve homeownership one loan at a time, Bussell said. On its mortgage side, Traditional Bank has developed a proprietary loan program aimed at solving affordability barriers for first-time and lower-income buyers. “Affordability is one of the biggest barriers facing today’s homebuyers,” said Chris Waford, Director of Mortgage Lending at Traditional Bank. “Our HJW Opportunity Home Loan Program is designed to remove some of those traditional roadblocks while still setting borrowers up for long-term success.” The HJW Opportunity Home Loan Program is designed specifically for low- to moderate-income borrowers and includes: • No minimum credit score requirement • Little to no down payment required • Affordable fixed-rate financing • Flexible underwriting for borrowers who may not fit conventional guidelines • Compatibility with most down-payment assistance programs used across the industry • Built-in homebuyer education to prepare borrowers for the responsibilities of ownership In addition to the HJW program, Traditional partners with several outside organizations to connect qualifying buyers with down-payment assistance funds, including the Federal Home Loan Bank, Community Ventures, and Louisville Metro. Depending on eligibility, qualifying homebuyers can receive up to $50,000 in down-payment assistance through these partnerships. “By combining affordable financing with responsible, flexible underwriting and borrower education, we’re working to create more opportunities for sustainable home ownership in the communities we serve,” Waford said. n

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BIZLIST

BusinessLexington

Commercial Lenders RANKED BY TOTAL DOLLAR AMOUNT OF COMMERCIAL LOANS JUNE 30, 2026 UBPR REPORT Lender Name Address Phone Website

Dollar Amount Commercial Loans as of 6/30/26 (thousands)

Total Earnings Assets as of 6/30/26 (thousands)

Republic Bank & Trust Company 333 W. Vine St., Ste. 102 Lexington, KY 40507 (859) 300-3333 republicbank.com

$595,543

Community Trust Bank, Inc. 100 E. Vine St. Lexington, KY 40507 (859) 389-5350 ctbi.com

Insured Commercial Bank Peer Group #

Top Local Executive

$6,520,537

3 - assets between $3 billion and $10 billion

Todd Ziegler (Managing Director, Business Development)

Republic Bancorp, Inc./ Louisville, KY

$425,777

$6,494,620

3 - assets between $3 billion and $10 billion

Billie J. Dollins (Central KY Region President)

Community Trust Banccorp/ Pikevillle, KY

Central Bank & Trust Company 300 W. Vine St. Lexington, KY 40507 (800) 637-6884 centralbank.com

$336,790

$3,541,814

3 - assets between $3 billion and $10 billion

Luther Deaton, Jr. (Chairman, President and CEO)

Central Bancshares, Inc./ Lexington, KY

Independence Bank 444E. Main St., Ste. 108 Lexington, KY 40507 (859) 976-1776 www.1776bank.com

$149,502

$3,662,545

3 - assets between $3 billion and $10 billion

Stacy Berge (Lexington-Fayette County President)

Independence Bancshares, Inc./ Owensboro, KY

Traditional Bank 49 W. Main St. Mount Sterling, KY 40353 (859) 296-0000 traditionalbank.com

$82,436

$2,311,155

4 - assets between $1 billion and $3 billion

Daniel Mason (President)

Traditional Bancorporation, Inc./ Mt. Sterling, KY

Forcht Bank 2404 Sir Barton Way Lexington, KY 40509 (866) 523-1445 forchtbank.com

$60,451

$1,484,054

4 - assets between $1 billion and $3 billion

Tucker Ballinger (President & CEO)

Forcht Bancorp, Inc./ Corbin, KY

Farmers National Bank of Danville * 304 W. Main St. Danville, KY 40422 (859) 236-2926 fnbky.com

$58,921

$933,758

5 - assets between $300 million and $1 billion

Marty Gibson (President & CEO)

Boyle Bancorp, Inc./ Danville, KY

Cumberland Valley National Bank & Trust Co. 1112 Hwy 490 East Bernstadt, KY 40729 (606) 878-7010 cvnb.com

$53,290

$781,725

5 - assets between $300 million and $1 billion

Elmo Greer (Chairman, President & CEO)

Cumberland Valley National Bank & Trust Co./ East Bernstadt, KY

Whitaker Bank 2001 Pleasant Ridge Dr. Lexington, KY 40509 (800) 650-0099 whitakerbank.com

$47,419

$1,773,727

4 - assets between $1 billion and $3 billion

Greg Wilson (President)

Whitaker Bank Corporation of Kentucky/ Lexington, KY

Rank

1 2 3

Bank Holdings/ Location

Source: FDIC.gov, Federal Financial Institutions Examination Council (FFIEC), Uniform Bank Performance Report (UBPR), June 30, 2026, utilizing the figures from the Balance Sheet $. Key: Key: * = Farmers National Bank of Danville operates in Fayette County via financial planning division WealthSouth Note: Other banks exist locally but do not have a current UBPR filed. Only the 10 institutions with the largest dollar amounts of commercial loans could be listed due to space constraints.

BLX_Sep26.indd 28

BUSINESS LEXINGTON SEPTEMBER 2026

8/26/26 8:30 PM

BIZLIST

BusinessLexington

SBA Lenders RANKED BY TOTAL NUMBER OF LOANS FISCAL YEAR 2026

Rank

Lender Name Address Phone Website

Total Number of Loans/ Average Loan Amount (FY 2026)

Top Official and/or SBA Loan Officer

U.S. Bank National Association 2020 Nicholasville Road Lexington, KY 40503 (859) 232-8181 usbank.com

38/ $257,000

David Wombwell (Market President, Louisville)

Newtek Small Business Finance, Inc. 1440 Broadway New York, NY 11042 (212) 356-9500 newtek.com

32/ $424,000

Peter Downs (Director & President)

Republic Bank & Trust Company 333 W. VIne St., Ste. 102 Lexington, KY 40507 (859) 300-3333 republicbank.com

26/ $491,000

Todd Ziegler (Managing Director, Business Development)

Stock Yards Bank & Trust Company 12900 Factory Land Louisville, KY 40245 (502) 222-8424 syb.com

26/ $531,000

James A. Hillebrand (Chairman & CEO)

Community Trust Bank, Inc. 100 E. Vine St. Lexington, KY 40507 (859) 389-5350 ctbi.com

21/ $273,000

Billie Dollins (Central KY Regional President)

Northeast Bank 250 W. 55th St., Ste 1502 New York, NY 10019 (203) 520-3330 northeastbank.com

21/ $201,000

Richard Wayne (President & CEO)

The Huntington National Bank 710 E. Main St., Ste. 110 Lexington, KY 40507 (859) 514-6022 huntington.com

15/ $255,000

Readycap Lending, LLC 200 Connell Dr., Ste. 4000 Berkeley Heights, NJ 07922 (800) 453-3548 readycapital.com

13/ $155,000

Fifth Third Bank 38 Fountain Square Plaza Cincinnati, OH 45202 (513) 579-5203 53.com

12/ $324,000

Live Oak Banking Company 1741 Tiburon Dr. Wilmington, NC 28403 (910) 790-5867 liveoak.bank

9/ $843,000

2 3 TIE

TIE

5 TIE

7 8

Perry Dunn (SBA Specialist)

Rank

Lender Name Address Phone Website

Total Number of Loans/ Average Loan Amount (FY 2026)

Top Official and/or SBA Loan Officer

CenTrust Bank 385 Waukegan Road Northbrook, IL 60062 (847) 267-1331 centrustbank.com

8/ $154,000

Matt Tilton (President & Chief Lending Officer)

Celtic Bank 268 S. State St., Ste. 300 Salt Lake City, UT 84111 (801) 363-6500 celticbank.com

7/ $124,000

Reese S. Howell, Jr. (CEO and Chairman of the Board)

American Momentum Bank 1 Momentum Blvd. College Station, TX 77845 (866) 530-2265 americanmomentum.bank

6/ $1,100,000

Robert Scott (President & CEO)

Lendistry 767 S. Alemeda St. Los Angeles, CA 90021 (855) 476-5870 lendistry.com

5/ $183,000

Everett K. Sands (CEO)

JPMorgan Chase Bank, National Association 1111 Polaris Parkway Columbus, OH 43240 (614) 248-4827 jpmorganchase.com

5/ $481,000

Jamie Dimon (President & CEO)

Peoples Bank 130 W. Main St. Lexington, KY 40507 (859) 422-8020 peoplesbancorp.com

5/ $144,000

Tyler Wilcox (President & CEO)

Old National Bank 1 Main St. Evansville, IN 47708 (800) 731-2265 oldnational.com

5/ $1,400,000

Timothy M. Burke, Jr. (President & CEO)

TIE

14 TIE

David A. Cohen (Co-President, Chief Production Officer)

First Harrison Bank 220 Federal Dr. NW Corydon, IN 47112 (812) 728-2198 firstharrison.com

4/ $223,000

Chris Frederick (President & CEO)

Timothy N. Spence (Chairman, President & CEO)

Central Bank & Trust Company 300 W. Vine St. Lexington, KY 40507 (859) 253-6222 centralbank.com

4/ $449,000

Luther Deaton, Jr. (Chairman, President & CEO)

PNC Bank, National Association 1301 Bardstown Road Louisville, KY 40204 (502) 581-7560 pnc.com

4/ $353,000

Kathy Pleasant (Sr. VP and Director of SBA Lending)

Mike McGinley (EVP - Small Business Banking)

TIE

18 TIE

Source: US Small Business Administration FOIA Data via SBA Lender Explorer Definition: SBA=Small Business Administration - a federal agency dedicated to helping improve and support small businesses.

BUSINESS LEXINGTON SEPTEMBER 2026

BLX_Sep26.indd 29

8/26/26 8: 6 PM

BIZLIST

BusinessLexington

Family Law Firms

RANKED BY NUMBER OF LAWYERS IN LOCAL OFFICE/OR FAMILY LAW DIVISIONS AUGUST 2026

Employment Law practice areas

Managing Partner(s) in Lexington office/ Year Founded Locally/ Number of Offices

Divorce, legal separation, property division, prenuptial agreements, child support, spousal support, post-divorce modification, paternity actions, grandparents’ rights, child custody and visitation, post-nuptual agreements, post-dissolution planning, adoption, foster care, surrogacy contracts

Darren L. Embry, Joyce A. Merritt, James G. Womack, Samantha T. Nance/ 2011/ 3

Divorce, property division, prenuptial agreements, child support, spousal support, post-divorce modification, grandparents’ rights, adoption, domestic violence, estate planning, legal separation, foreign/out of state orders and more

Crystal Osborne/ 2016/ 1

Britton Johnson, PLLC 200 W. VIne St., Ste. 800 Lexington, KY 40507 (859) 963-2241 brittonjohnsonlaw.com

Divorce, property division, prenuptial agreements, child support, spousal support, post-divorce modification, paternity actions, grandparents’ rights, child custody and visitation

Anita M. Britton/ 2011/ 1

Stoll Keenon Ogden, PLLC 300 W. Vine St., Ste. 2100 Lexington, KY 40507 (859) 231-3000 skofirm.com

Divorce, property division, prenuptial agreements, child support, spousal support, post-divorce modification, paternity actions, grandparents’ rights, child custody and visitation, post-nuptual agreements, post-dissolution planning

P. Douglas Barr/ 1897/ 5

Kershaw & Baumgardner 250 W. Main St., Ste. 1850 Lexington, KY 40507 (859) 381-1145 kbfamilylaw.com

Valerie S. Kershaw/ 2003/ 1

McBrayer, PLLC 201 E. Main St., Ste. 900 Lexington, KY 40507 (859) 231-8780 mcbrayerfirm.com

James H. Frazier, III/ 1963/ 2

Gess Mattingly & Atchison, PSC 201 W. Short St., Ste. 102 Lexington, KY 40507 (859) 252-9000 gmalaw.com

Guy M. Graves/ 1954/ 1

Jenny Scott & Associates, PLLC 1795 Alysheba Way, Ste. 6101 Lexington, KY 40509 (859) 225-8888 lexingtonfamilyattorney.com

Divorce, property division, child support, spousal support, grandparents’ rights, child custody & timesharing, post-divorce modification, mediation, contested and uncontested adoptions, interstate adoptions, surrogacy agreements, prior birth orders

Jenny Scott/ 1998/ 1

Thompson Law Office 219 N. Upper St. Lexington, KY 40507 (859) 280-2222 ethompsonlaw.com

Eddy Thompson/ 2007/ 1

Rank

1 2 TIE

2 TIE

TIE

7 TIE

Firm Name Address Phone Website

# Attorneys in Office/or Family Law Divisions

# Partners in Local Office

Embry Merritt Womack Nance, PLLC 201 E. Main St., Floor 14 Lexington, KY 40507 (859) 543-0453 emwnlaw.com

Osborne Family Law 300 E. Main St., Ste. 330 Lexington, KY 40507 (859) 551-4000 osbornefletcher.com

Source: Business Lexington questionnaire, firm websites, firm representatives and legal directories. Other firms may have qualified but did not respond by deadlines. Note: * = All family law attorneys practicing out of the Evansville, IN office.

BLX_Sep26.indd 30

BUSINESS LEXINGTON SEPTEMBER 2026

8/26/26 8:30 PM

BUILT FOR

WHAT’S NEXT.

THE RIGHT BANKING PARTNER FOR YOUR GROWING BUSINESS.

BLX_Sep26.indd 31

JESSICA SIMON

VP, COMMERCIAL BANKING EXECUTIVE

8/26/26 8:30 PM

WHO’S WHO

TAYLOR

JOHNS

S. COLLINS

FOSTER

BOUVIER

PUCKETT

SULLIVAN

THORNSBURRY

BREEZE

GRIFFETH

EADS

ORANGE

PENDLETON

MARDINI

AFIFY

DEL VALLE

NEW HIRES, PROMOTIONS & APPOINTMENTS Fifth Third Bank has hired Leah Taylor as vice president, business banking relationship manager. Betsy Johns has been promoted to senior vice president, senior trust compliance officer at Central Bank & Trust Co. Sam Collins joined the bank as commercial lending officer, and Andrew Foster has been hired as mortgage lending officer. Attorneys Katie Bouvier and Emily Puckett have joined the law firm of Minner Vines Injury Lawyers. Marcia (Marci) Sullivan, has joined Midway University’s senior leadership team as vice president of marketing and communications. Designer Ellie Thornsbury

BLX_Sep26.indd 32

BusinessLexington

recently joined Lexington creative agency Mediocre. Patricia M. Breeze, CLU, CFP has joined Meridian Wealth Management, LLC as a senior wealth management advisor. Sheila Devine Griffeth has joined Source Technologies, LLC as vice president of administration. CommonSpirit Health has welcomed Matthew Eads, MD, to its Orthopedic Surgery practice in Lexington. Alex Orange, PA-C, has joined CommonSpirit Medical Group – Orthopedic Surgery – East Lexington. Chasity Pendleton, APRN, has joined CommonSpirit Medical Group – Primary Care – Beaumont in Lexington. Sam Mardini, MD, has joined CommonSpirit Medical Group – Gastroenterology – Harrodsburg Road in Lexington.

Hesham Afify, MD, has joined CommonSpirit Medical Group – Cardiology in Lexington. Eric Del Valle has been named business development lead for Kentucky American Water. Asbury University has appointed professor Robin Lim as Dean of the Dayton School of Business.

KUDOS Leadership Lexington recently selected Stites & Harbison, PLLC attorney Gentry C. Collins as a member of the 2026-27 Leadership Lexington program. Andi Johnson, chief policy officer and director of regional engagement for Commerce Lexington, recently earned the Certified Chamber Executive designation from the Association of Chamber of Commerce Executives. Johnson is one of 19 chamber

professionals from across 12 states, to earn the Certified Chamber Executive designation this year. Commonwealth Credit Union President/CEO Karen Harbin has been honored with the Wendell Lyons Advocacy in Action Award, presented at Kentucky’s Credit Unions VISION 2026 Annual Meeting & Convention. The Kentucky Historical Society recently elected the following new board members: Bryan Fuller, Mel Hankla, Judge Larry VanMeter, and Barbara Sexton Smith. Awesome Inc has announced its 2026 Kentucky Entrepreneur Hall of Fame class. This year’s class includes: John Neace, Neace Lukens and Neace Ventures; Ervin Houchens, Houchens Industries; Roger Griggs, Richwood Pharmaceuticals and Griggs Holdings; and Purna Veer, V-Soft Consulting.

BUSINESS LEXINGTON SEPTEMBER 2026

8/26/26 8:30 PM

CENTRAL KENTUCKY

Regional Market Review SUBSCRIBE TO BUSINESS LEXINGTON

COMING IN OCTOBER

Business Lexington's annual publication covering the economic landscape of Central Kentucky. Spotlighting key market trends and analysis across Fayette, Franklin, Clark, Scott, Bourbon, Woodford, Montgomery, Madison, and Jessamine counties; and delivering essential information for business leaders, investors, and policymakers.

BLX_Sep26.indd 33

MORE INFO AT WWW.BIZLEX.COM

8/26/26 8:30 PM

WHO’S WHO

LIM

G. COLLINS

BusinessLexington

JOHNSON

HARBIN

FULLER

HANKLA

VAN METER

SMITH

NEACE

HOUCHENS

GRIGG

VEER

Republic Bank & Trust Company has been recognized by American Banker as one of its Top-Performing Banks with $2 billion to $10 billion in assets. The Saint Joseph-affiliated hospitals in Lexington will now have CommonSpirit as part of their names. CommonSpirit – Saint Joseph Hospital – Lexington on Harrodsburg Road was established nearly 150 years ago and, along with CommonSpirit – Saint Joseph Medical Center – East Lexington on Eagle Creek and CommonSpirit – Continuing Care Hospital at both locations, have been a part of CommonSpirit since 2019. In addition, physician offices and clinics will adopt the name, CommonSpirit Medical Group. Four CommonSpirit Health

hospitals in Kentucky have been included in U.S. News & World Report’s 2026-2027 Best Hospitals rankings as a high performing hospital, with CommonSpirit – Saint Joseph Hospital – Lexington being named one of the best hospitals overall in Kentucky. Three other CommonSpirit Health hospitals in Kentucky were recognized as High Performing, including CommonSpirit – Saint Joseph Medical Center – East Lexington for acute kidney failure and pneumonia; CommonSpirit – Saint Joseph

Hospital – London for acute kidney failure, COPD, diabetes, hip fracture and pneumonia; and CommonSpirit – Saint Joseph Hospital – Mount Sterling for COPD and pneumonia. This is the highest distinction a hospital can earn as part of U.S. News’ Best Hospitals Procedures & Conditions ratings. The Bariatric Surgery program at CommonSpirit - Saint Joseph Medical Center - East Lexington has been designated a Blue Distinction® Center for Bariatric Surgery

Who’s Who for You? Submit your company’s recent hirings, promotions, and awards for listing in the Who’s Who section of Business Lexington. Email a press release and photo to info@bizlex.com.

BLX_Sep26.indd 34

by Anthem Blue Cross Blue Shield. CommonSpirit - Saint Joseph Hospital - Lexington has been recognized with the 2026 Chest Pain - MI Registry® Silver Achievement Award by the American College of Cardiology. CommonSpirit - Saint Joseph Medical Center - East Lexington recently achieved accreditation from the Surgical Review Corporation as a Center of Excellence in Complex Endometriosis Care. n

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Get business news when it breaks. WeeklyWire Stay current with the most important business news in central Kentucky. Subscribe to Business Lexington’s Weekly Wire email newsletter. Featuring: • Breaking News Updates • “In This Issue” Features & Updates • Who’s Who New Hires, Promotions, and Community Awards The Weekly Wire reaches 25,000 opt-in emails statewide! To advertise your business in this widely-casted format, email advertise@smileypete.com, or phone 859.266.6537.

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BGCF_CCSS_July2021.qxp_Layout 1 6/10/21 9:39 AM Page 1

The Salomon family: Erin, Seth, Simone and Art

CREATE A FAMILY LEGACY OF GIVING. EASY. EFFECTIVE. REWARDING. The Salomon family organizes their charitable giving using multiple giving funds at BGCF, including a multi-generational donor advised endowment fund. Not only do they give together, Art and Seth also work together at Salomon & Company, an independent wealth planning firm. Art and Seth find working with the Community Foundation to be so effective, they recommend us to their philanthropic clients. Call 859.225.3343 to establish a charitable fund for you, your family or your clients.

bgcf.org

BLX_Sep26.indd 36

499 East High Street • Suite 112 • Lexington, KY 40507 / 859.225.3343

8/26/26 8:30 PM