Pinnacle Invests $1.5 Million into Carolina Small Business Development Fund

Pinnacle Financial Partners has announced a $1.5 million investment in the Carolina Small Business Development Fund (CSBDF) to support economic development in underserved communities by providing capital, technical assistance and policy research for small businesses throughout the state.

“At Pinnacle, we believe in the power of partnerships to strengthen the communities in which we live and serve,” said David Allen, regional chairman. “Our collaboration with the Carolina Small Business Development Fund is instrumental in empowering local businesses to grow and contribute meaningfully to the community.  Entrepreneurship is a critical pathway to building greater and more equitable prosperity. This renewed partnership will help us build a more resilient local economy that benefits everyone.”

The investment will be used to fund start-ups and existing small businesses located across North Carolina, with an emphasis on companies that have difficulty accessing financing through traditional lending sources. CSBDF strives to create economic opportunity for all people, and the organization serves NC’s entrepreneurial community through small business financial capital, holistic business solutions, and evidence-based economic development policy research.

“We are grateful for the support of Pinnacle Financial Partners as they join us in our mission of fostering economic development in underserved communities in North Carolina,” said CSBDF President and CEO Kevin Dick. “Our focus is on being a partner and support system for our state’s small business community, and with investors like Pinnacle we can better serve NC’s vibrant community of entrepreneurs. We believe that when small businesses succeed everyone benefits, and Pinnacle is helping us to make sure small businesses have the resources to succeed.”

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 FORTUNE magazine’s 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 North Carolina market in 2017 when it acquired BNC Bancorp, offering community bank service with the resources and sophistication of a larger firm. Pinnacle is ranked as the No. 1 workplace in the Triad, Triangle and Charlotte markets, as listed by the Triad Business Journal, Triangle Business Journal and Charlotte Observer.

The firm began operations in a single location in downtown Nashville, TN in October 2000 and has since grown to approximately $49.4 billion in assets as of June 30, 2024. As the second-largest bank holding company in Tennessee, Pinnacle operates in several 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 Carolina Small Business Development Fund

Founded in 1990, Carolina Small Business Development Fund is a nonprofit and U.S. Treasury-certified Community Development Financial Institution (CDFI) that fosters economic development in underserved communities through access to capital, technical assistance, and policy research to light the way for small businesses. Since 2010, CSBDF has contributed more than $117 million through more than 1,270 loans and 1,790 grants to dedicated small businesses across North Carolina, helping to create or retain more than 5,150 full-time jobs.