Pinnacle Financial Partners is the No. 2 SBA Lender in North Carolina

SBA data show $38.35 million in loans statewide, $95.43 million firmwide

Pinnacle Financial Partners is the No. 2 SBA lender in North Carolina for 2020, having issued $38.35 million in SBA loans during the 12 months ended Sept. 30, 2020. According to data released by the Small Business Administration, Pinnacle made 42 SBA loans in the state with an average amount of $913,060 during that period, exclusive of Paycheck Protection Program loans.

“Pinnacle aims to be a top tier business bank in our home communities,” said David Hoppenworth, Pinnacle’s SBA lending director. “SBA lending is an important part of that and a perfect example of why many of us got into banking to begin with. They give us an opportunity to help businesses grow, including some who may be outside the bounds of traditional lending. Government guaranteed lending like SBA gives us the chance to help when others can’t.”

Pinnacle was also the No. 1 SBA lender in Tennessee, issuing 30 loans worth a total of $29.67 million. In total, the firm made 105 SBA loans worth a total of $95.43 million, exclusive of Paycheck Protection Program loans.

“In 2020, many people became familiar with the SBA through the PPP,” Hoppenworth said. “Though it took most of the focus this year, normal SBA lending was very popular in 2020 as an option for qualified businesses that needed help reaching their next milestone. During this down time in the economy, many used SBA loans to buy a new business or help a partner exit their company. Others have taken advantage of the current real estate market by buying the buildings they operate in. It’s versatile enough to help almost any type of business with a variety of needs.”

Pinnacle is an SBA preferred lender, one of only a handful in the country, which means the bank is able to process, review and approve SBA loan applications largely independent of the government. That designation allows for a streamlined process with a team focused exclusively on SBA loans.

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 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 eight years in a row and No. 1 among banks with more than $10 billion in assets.

Pinnacle entered the North Carolina market in 2017 when it acquired BNC Bancorp, known locally as Bank of North Carolina. Pinnacle continues BNC’s practice of offering community bank service with the resources and sophistication of a larger firm.

The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $33.8 billion in assets as of Sept. 30, 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 www.pnfp.com.