Pinnacle Commits $3 Million to National Institute of Minority Economic Development, Including $200,000 for THRIVE High Point

Funds will support small business and affordable housing development throughout North Carolina

Pinnacle Financial Partners today announced a $3 million commitment to the National Institute of Minority Economic Development, also known as The Institute, to further their work for economic equity in North Carolina. The funds will be used to support small businesses and homeowners throughout the state with affordable and accessible lending.

Of the $3 million, $200,000 is specifically designated to THRIVE | High Point, which offers dedicated small business support for women and minority groups in the High Point community.

“Banks are all about building and growing economies, but prosperity that isn’t shared is a hollow victory,” said Rick Callicutt, Pinnacle’s chairman in the Carolinas and Virginia. “At Pinnacle, we always want to take everybody with us to make sure everyone has the opportunity to participate in the economies we support. Here in North Carolina, we have an incredible opportunity to recognize and grow companies owned by women and members of minority groups. We have more than enough talent, and now we can help close the gaps in access to capital that keep many from starting and flourishing.”

Kevin J. Price, President and CEO of The Institute commented, “The Institute is excited about our new relationship with Pinnacle. Many communities have been reaching out to us asking for support, but we can’t do our work alone. Creative local solutions like Thrive High Point illustrate what can be done when corporations, community leaders and The Institute work together.”

Institute Capital, The Institute’s lending arm, is one of only five community development financial institutions in North Carolina that is Black led. Its commitment to economic prosperity for diverse populations is carried out through encouraging and financing entrepreneurship, small business support and home ownership, as well as education and financial counseling. In just the past two years (2020-2021), Institute Capital has disbursed more than $10.8 million in grant funds to small, diverse businesses in North Carolina. Over its 20-year history, it has leveraged more than $1 billion in community economic development activities throughout North Carolina.

“Pinnacle is a leader in providing Institute Capital funding to move our mission and vision forward. We look excitedly towards a long-lasting partnership,” said Roberta McCullough, senior vice president of operations for Institute Capital.

THRIVE | High Point is a program offering of Business High Point: Chamber of Commerce, developed to support the broad needs of minority and women-owned businesses in the city. It supports growth and development through non-traditional business financing, which this $200,000 will go to support, along with technical assistance, entrepreneurial mentorship and business coaching.

“Thrive is an intentional effort to embrace and encourage local minority and women entrepreneurs to grow their businesses through opportunities for skill development, business coaching, funding and connectivity to High Point’s inclusive economic ecosystem,” said Bryle Henderson Hatch, Ph.D., executive director of THRIVE | High Point. “Since its formal launch in fall 2021, more than 160 businesses have registered with Thrive and are actively engaging in the various activities to support their growth.”

Pinnacle believes shared prosperity and economic equity are the path to successful communities. The firm’s commitment to “taking everybody with us” means supporting and partnering with agencies dedicated to financial education, financial assistance, entrepreneurship, small business development and affordable housing. In 2020, Pinnacle had commitments worth more than $914 million in investments, lending and grants to support low to moderate-income housing, small business and minority-owned institutions.

“Pinnacle has deep roots in High Point going back more than 100 years with High Point Bank,” Callicutt said. “Our commitment to lifting up this community hasn’t wavered. We’ve built more than two dozen affordable homes in disadvantaged neighborhoods, supported a number of community causes with giving and partnership agreements, and our people are embedded in the local causes they’re passionate about through extensive volunteer work. As associates of this firm, High Point is home, and we’ll always take care of our home.”

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 is the No. 1 bank in the Nashville-Murfreesboro-Franklin MSA, according to 2021 deposit data from the FDIC, and is listed by Forbes among the top 25 banks in the nation. The firm earned a spot on the 2021 list of 100 Best Companies to Work For^® in the U.S., its fifth consecutive appearance. American Banker recognized Pinnacle as one of America’s Best Banks to Work For nine years in a row and No. 1 among banks with more than $11 billion in assets in 2021.

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 $38.5 billion in assets as of Dec. 31, 2021. As the second-largest bank holding company headquartered in Tennessee, Pinnacle operates in 15 primarily urban markets across the Southeast.

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

 

About The Institute
The N.C. Institute of Minority Economic Development was founded in 1986 to expand and diversify the state’s economic base by providing direct support to minority and women-owned businesses. Now known as the National Institute of Minority Economic Development and spanning a five-state footprint in the Southeast, The Institute continues to address racial and gender economic disparities by improving the ecosystem for diverse small businesses and increasing access to capital for business and communities. The Institute has helped more than 10,000 minority businesses obtain over $1 billion in financial contracts and awards and secure more than $140 million in bonding. More can be found at www.theinstitutenc.org.