Pinnacle Earns Preferred Lender Status from U.S. Small Business Administration

Pinnacle Financial Partners has earned Preferred Lender Status from the U.S. Small Business Administration, a move that will significantly benefit clients seeking an SBA-backed loan.

The firm also earned Community Bank of the Year honors from SBA for the state of Tennessee, an award Pinnacle has won every year since it began giving SBA loans in December 2013.

The SBA Preferred Lender Program streamlines the process of applying for, reviewing and securing financial assistance for small businesses. By taking part in the program, Pinnacle has final authority on SBA lending without requiring each loan to be reviewed and approved by the SBA. The preferred lender status means clients will experience an easier and often faster loan process.

“Supporting small business is one of our company’s primary objectives,” said Chip Higgins, Pinnacle’s business team leader. “We are one of the biggest lenders to Tennessee small businesses, and this new status will help business owners get access to the capital they need to grow.”

The Community Bank of the Year designation is given to the Tennessee-based bank with the highest dollar amount and number of loans in the SBA 7(a) program within the state. For the SBA’s fiscal year 2016, Pinnacle extended 20 7(a) loans totaling $9.8 million.

Now that Pinnacle has joined forces with BNC Bancorp, the firm’s SBA program will be based at the combined firm’s office in Greenville, SC.

“We have a well-established SBA program in the Carolinas and Virginia that’s done terrific business for a number of years,” said Rick Callicutt, Pinnacle’s chairman of the Carolinas and Virginia. “Like Pinnacle, BNC was consistently recognized as one of the top SBA lenders in our markets. Together with our new partners, we’ll work to grow small business lending significantly.”

In SBA fiscal year 2016, BNC approved 52 SBA loans amounting to $42.1 million. Pinnacle recently added SBA-focused advisor Jim Gugliemino in Chattanooga, TN. He will remain at the Chattanooga office on Broad Street to serve small businesses in Tennessee.

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 earned a place on Fortune’s 2017 list of the 100 Best Companies to Work For in the U.S., and American Banker recognized Pinnacle as the sixth-best bank to work for in 2016.

                The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $11.7 billion in assets as of March 31, 2017. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 11 urban markets in Tennessee, the Carolinas and Virginia.

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