Lending on upswing for Middle Tennessee's small businesses
by Joe Morris, Nashville Ledger
Local banks and the U.S. Small Business Administration can both cite statistics showing small-business lending is growing throughout Middle Tennessee.
But in a post-recession economy, there are still plenty of hurdles for startups and entrepreneurs looking for a fresh injection of capital.
At the end of 2013, Pinnacle Financial Partners laid claim to the top spot for small-business lending in a nine-county area, according to Sept. 30 call report data from the FDIC. The bank had notched 5,031 small business loans totaling $681 million to date, statistics show, even as it more closely evaluates business niches and plans for investment.
Chip Higgins, Pinnacle's small business banking team leader: “I’d say we’re one of the more vibrant lending markets in the state. At one point we had more than 60 banks in Nashville, so there’s a lot of opportunity. Capital is being deployed in lot of different ways, from venture capital in the healthcare space to other types of startups and new companies being funded, so there’s a lot of positive movement compared to other markets around the country.”