Pinnacle Financial Partners is presenting $5 million to BrightBridge, Inc. a nonprofit Community Development Financial Institution (CDFI) to support economic outcomes throughout southeast Tennessee and Georgia. BrightBridge, Inc. intends to deploy the funds over the next nine months through lending and advisory services to small business and startups. Funding will be provided through market rate or below market rate loans.
BrightBridge will use the funds to lend to small businesses and non-profit organizations in Investment Areas (economically underserved communities) in Tennessee and Georgia.
The loans will be made to companies unable to secure conventional financing and can be used to start and/or grow their operations, create jobs or to provide affordable housing stock.
The typical use for this type of funding is for nonprofits that provide affordable housing or necessary goods and services for low-to-moderate income individuals, small businesses in need of affordable debt and for-profit housing developers providing affordable housing.
“Partnership is one of Pinnacle’s values, and we know it’s what helps grow and strengthen communities,” said Craig Holley, Pinnacle’s chairman in Chattanooga. “As a CDFI, BrightBridge is well equipped to grow economic outcomes and improve the quality of life throughout our region. We’re grateful for the opportunity to contribute in some small way so we can build a more inclusive economy where everyone has a chance to take part.”
Bill Pollard from BrightBridge said, “The funding provided by Pinnacle will be transformational for small businesses and entrepreneurs throughout Tennessee and Georgia. We take great pride in the success stories of our clients and the impact their success has on our shared economy. We are honored to accept this investment and look forward to putting the dollars to work.”