Pinnacle Invests $10 Million in Enterprise Community Partners' CDFI

Funding will support economic equity projects in Maryland, Northern Virginia and Washington, D.C.

Pinnacle Financial Partners, a Tennessee bank, has announced a $10 million investment in Enterprise Community Partners’ (Enterprise) community development financial institution (CDFI), Enterprise Community Loan Fund (ECLF), to support high-impact projects in affordable housing, economic development, sustainability and resilience, and more across Maryland, Northern Virginia and Washington, D.C. This is a long-term, low-rate, equity equivalent (EQ2) investment designed to increase lending and investment in underserved communities.

“Enterprise is one of our nation’s best organizations working for equitable access to housing, and it’s an honor to partner with them on projects in our own backyard,” said Carolyne Pelton, Pinnacle’s president in the National Capital Region. “One of Pinnacle’s reasons for being is to provide capital where it’s needed most to build up our communities. We’re fighting for more opportunities for everyone to thrive, and Enterprise is advancing the line on multiple fronts by helping people be housed, fed, educated, cared for and able to stake their own claim on the American dream. As a bank, we help clients become more prosperous every day, but prosperity that isn’t shared is a wasted opportunity.” 

This investment will support ongoing projects like the construction and permanent financing of a 1.45-megawatt solar farm in Montgomery County, MD, that will help provide clean energy to low- to moderate-income homes in underserved areas. Over the long term, it will also fund loans for ECLF focus areas that could include:

• Affordable housing
• Renewable energy
• Healthcare
• Food security
• Education
• Job creation through commercial facility developments
• Community services

“This partnership represents a long-term commitment to making home and community places of pride, power and belonging, particularly in neighborhoods that have been overburdened by the impacts of the housing crisis and climate change,” said Elise Balboni, president of ECLF. “We’re grateful for Pinnacle’s $10 million investment, which will help Enterprise continue to build a more equitable, sustainable future through the support of high-impact affordable housing and community development projects.”

Pinnacle’s approach to community investment is built on a commitment to improve quality of life by working for economic equity at the systemic and individual level. The firm makes significant financial contributions across its footprint to support efforts in affordable housing, small business and entrepreneurship, financial literacy, and education. Those four pillars address a continuum of needs to uplift communities and help more people take part in the growing economies banks help create. According to its 2023 Corporate Social Responsibility Report, Pinnacle had $1.74 billion committed to investments and lending for low- to moderate-income housing, small business and minority-owned institutions, as well as grants to nonprofits as of Dec. 31, 2023.

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 and fastest growing bank in the Nashville-Murfreesboro-Franklin MSA, according to 2023 deposit data from the FDIC. Pinnacle is No. 11 on the 2024 list of 100 Best Companies to Work For® in the U.S., its eighth consecutive appearance and was recognized by American Banker as one of America’s Best Banks to Work For 11 years in a row and No. 1 among banks with more than $10 billion in assets in 2023.

Pinnacle entered the National Capital Region in November 2021 by recruiting six local financial services professionals to open an office in Northern Virginia. The firm was recognized as the No. 6 Best Place to Work in Virginia by Virginia Business magazine in 2020.

The firm began operations in a single location in downtown Nashville, TN, in October 2000 and has since grown to approximately $48.9 billion in assets as of March 31, 2024. As the second-largest bank holding company headquartered in Tennessee, the firm operates in 17 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 Enterprise Community Partners 

Enterprise Community Partners’ CDFI operates as Enterprise Community Loan Fund, an affiliate of Enterprise — a national nonprofit that exists to make a good home possible for the millions of families without one. We support community development organizations on the ground, aggregate and invest capital for impact, advance housing policy at every level of government, and build and manage communities ourselves. Since 1982, we have invested $64 billion and created 951,000 homes across all 50 states, all to make home and community places of pride, power and belonging. Join us at enterprisecommunity.org.