Pinnacle sees growing crowd in its entry to SBA lending
Pinnacle Bank just began getting its feet wet in the SBA lending market, and Chip Higgins, the bank’s business banking leader, says he’s seeing plenty of lenders at play in the space.
One simple reason for Pinnacle’s foray into SBA lending, particularly the program’s 7(a) loans made to existing small businesses and startups, is to expand on its line of credit offerings.
With bankers still pointing to weaker demand for business loans, SBA lending just may be another avenue for banks to extend credit to businesses, especially those that may not qualify for a traditional loan.
“Lending is still coming back, it’s not back to where it was. It’s still a weak loan market,” Higgins said. “I think expanding the window of opportunity for lending, anything we can do to increase the demand by providing additional lending opportunities” is worth tapping into, he added.