Pinnacle Commits $5 million to BrightBridge, Inc.

Funds will support small businesses, affordable housing and development throughout region

Pinnacle Financial Partners is presenting $5 million to BrightBridge, Inc., a nonprofit Community Development Financial Institution (CDFI) to support economic outcomes throughout southeast Tennessee and Georgia. BrightBridge, Inc. intends to deploy the funds over the next nine months through lending and advisory services to small business and startups. Funding will be provided through market rate or below market rate loans.

BrightBridge will use the funds to lend to small businesses and non-profit organizations located in Investment Areas (economically underserved communities) in Tennessee and Georgia. The loans will be made to companies unable to secure conventional financing and can be used to start and/or grow their operations, create jobs or to provide affordable housing stock.

The typical use for this type of funding is for nonprofits that provide affordable housing or necessary goods and services for low-to-moderate income individuals, small businesses in need of affordable debt and for-profit housing developers providing affordable housing.

“Partnership is one of Pinnacle’s values, and we know it’s what helps grow and strengthen communities,” said Craig Holley, Pinnacle’s chairman in Chattanooga. “As a CDFI, BrightBridge is well equipped to grow economic outcomes and improve the quality of life throughout our region. We’re grateful for the opportunity to contribute in some small way so we can build a more inclusive economy where everyone has a chance to take part.”

Bill Pollard from BrightBridge noted, “The funding provided by Pinnacle will be transformational for small businesses and entrepreneurs throughout Tennessee and Georgia. We take great pride in the success stories of our clients and the impact their success has on our shared economy. We are honored to accept this investment and look forward to putting the dollars to work.”  

 

About BrightBridge
Since 1981, BrightBridge has worked with start-ups and existing businesses to bring jobs, commercial goods and services along with valuable assets to communities that need them the most. Because they are a non-profit, the bottom line is always measured by the positive impact made in the communities we serve.

The BrightBridge mission is simple: To help businesses grow and thrive. The return on the investment by BrightBridge leads to additional jobs and expanded opportunities.

BrightBridge is a Community Development Financial Institution (CDFI), which means they have access to funding through SBA Community Advantage, SBA 504, USDA IRP RLF and New Markets Tax Credits- -in short, they aren’t a traditional financial institution like a bank. BrightBridge has the unique ability to work closely with business owners to understand and address individual needs.

To learn more about BrightBridge, visit: www.BrightBridgeInc.com.

About Pinnacle Financial Partners
Pinnacle Financial Partners provides a full range of banking, investment, trust, mortgage and insurance products and services designed for businesses and their owners and individuals interested in a comprehensive relationship with their financial institution. The firm is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2021 deposit data from the FDIC, is listed by Forbes among the top 25 banks in the nation and earned a spot on the 2021 list of 100 Best Companies to Work For® in the U.S., its fifth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For nine years in a row and No. 1 among banks with more than $11 billion in assets in 2021.

Pinnacle began serving Chattanooga in 2015 when it acquired CapitalMark Bank & Trust, a community institution with an excellent record of service and growth. Pinnacle continues that tradition: the firm is the fourth-largest bank in Chattanooga in terms of deposits and is also one of the fastest growing.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $38.5 billion in assets as of Dec. 31, 2021. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 15 primarily urban markets across the Southeast.

Additional information concerning Pinnacle, which is included in the Nasdaq Financial-100 Index, can be accessed at www.pnfp.com.