Pinnacle Loans $188.6 Million to Chattanooga-area Companies in the Paycheck Protection Program

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News Releases

Pinnacle Loans $188.6 Million to Chattanooga-area Companies in the Paycheck Protection Program

1,009 local businesses received a PPP loan from the firm, with 87% under $350,000
May 07, 2020

Through the end of Wednesday, May 6, Pinnacle Financial Partners has made $188.6 million in loans for companies in the Chattanooga area through the Small Business Administration’s Paycheck Protection Program (PPP). This figure represents 1,009 local businesses that received emergency funding to pay their employees and essential bills during the ongoing COVID-19 pandemic.

“Chattanooga is a community driven by small business, and this crisis has stopped many of them in their tracks,” said Craig Holley, Pinnacle’s chairman in Chattanooga. “We wanted to help as many as we could so they can weather this storm and our economy can remain as stable as possible. You’re never going to execute an emergency response with 100 percent perfection, but the PPP and our dedicated associates have given an enormous amount of support when we need it most.”

The average size of a PPP loan from Pinnacle in the greater Chattanooga area is $186,942 with the vast majority of them coming in well below $350,000 each.

  • Small-dollar Loans Less than $350,000
    • 876 loans worth a total of $71.5 million
    • 87 percent of the total loans Pinnacle made in the market
    • Average loan size in this category is $81,600.
  • Mid-size Loans Larger than $350,000 and Less than $2 million
    • 124 loans worth a total of $85.6 million
    • 12 percent of the total loans Pinnacle made in the market
    • Average loan size in this category is $690,591.
  • Large Loans of More than $2 million
    • 9 loans worth a total of $31.5 million
    • 1 percent of the total loans Pinnacle made in the market
    • Average loan size in this category is $3.5 million.

Firm-wide so far, Pinnacle has originated more than $2.4 billion in loans to nearly 14,000 small businesses, an amount well-above what would have been expected for a bank of its asset size. Statewide in Tennessee, it comes to $1.39 billion loaned to 7,758 businesses. Hundreds of associates across the firm worked around the clock to process, review and submit those thousands of applications, clearing 6,000 in the first wave and the remainder once the second round of funding for the program was approved by Congress.

“The need from our clients is tremendous, showing just how far reaching this crisis has been,” said Terry Turner, Pinnacle’s president and CEO. “Fortunately, the federal government and America’s banks mustered their forces to meet the challenge. An emergency such as this required fast and decisive action that, despite its imperfections, showed how committed our industry is to supporting the economies we serve and the small businesses that drive them. We couldn’t be more proud of our associates for their efforts to give help where it was needed.”

These loans are made from Pinnacle funds and include an SBA guarantee. They are potentially eligible for forgiveness if used by the borrower for required purposes and in the allowed eight-week time period. While the SBA has not yet issued all details on what will be required for forgiveness, Pinnacle is advising clients based on the language of the CARES Act and ongoing guidance from the Treasury Department.

“There are still a lot of questions we don’t have answers for yet, but the intent of the program is pretty clear,” Turner said. “I believe this law was intended to keep workers on payrolls, despite their employers’ businesses being negatively affected by COVID-19, and also to allow business owners to pay their most essential bills. For clients that follow the rules of the program, we encourage them apply for forgiveness. We’ll be here to help them through it all the way to the end.”

Pinnacle has hosted several online webinars for clients on PPP forgiveness. Those videos, along with more guidance, are posted on Pinnacle’s website at

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. Pinnacle earned a spot on FORTUNE’s 2020 list of the 100 Best Companies to Work For® in the U.S., its fourth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For seven years in a row.

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 $29.3 billion in assets as of March 31, 2020. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 12 primarily urban markets in Tennessee, the Carolinas, Virginia and Atlanta.

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