Pinnacle

Pinnacle Financial Partners has processed more loans in Williamson County for the now-closed Paycheck Protection Program than any lender in Middle Tennessee, with one of the highest loan volumes in the area.

Williamson County businesses track 1,073 PPP loans to Pinnacle Bank, which accounts for more than 11 percent of the 9,519 loans they processed for businesses throughout Middle Tennessee. The program’s second draw saw 3,625 of those loans to the tune of $338.7 million before the Small Business Administration’s update to trade associations on May 4 that the program’s funds had been prematurely exhausted.

SmartAsset ranked Williamson County the seat of the most significant purchasing power as of April 2021 with the highest cost of living or median income of any Tennessee county, and Nashville-based PFP concentrated more than a tenth of the loans it distributed throughout Middle Tennessee in only one of the 41 counties therein — two percent of the region.

They processed nearly twice as many PPP loans in Williamson County as either First Horizon Bank or Regions Bank, the two next prolific program lenders in the area.

“Many of our clients depended on PPP to stay operational during the crisis,” Pinnacle Chairman Rob McCabe said. “Now they’re using the funds to get to the end and prepare to fully reopen.”

PFP reports 94 percent of its PPP loans in Middle Tennessee as having been smaller than $350,000, averaging $93,433 across the region, which demonstrates a concentration on small businesses. Similar to Pinnacle, the vast majority of the loans processed by either Regions or First Horizon in the county were smaller than $350,000. Pinnacle loans of under $350,000 collectively averaged $52,829 in size, and just shy of 1,000 of those 3,418 loans went to Williamson County businesses.

Pinnacle issued 85 loans in Williamson County that were at least $350,000, and the five largest loans PFP processed in the county were for claims adjustment firm, Brentwood Services, Inc.; single-family housing developer, Huskey Truss & Building Supply, Inc.; home healthcare service provider, Senior Solutions At Home Inc.; timeshare cancellation administrator, Wesley Financial Group, LLC.; and technical solution and support provider, Hamilton-Ryker IT Solutions, LLC. Each of these firms, all located in Brentwood and Franklin, received loans ranging between $2 million and $5 million.

PFP President and CEO Terry Turner said Pinnacle associates’ “preparation and willingness to tackle the complexities are a true demonstration of what makes Pinnacle different, but the real value is in the 23,000 businesses in our home communities that will make it to the other side of this crisis because of the funding we helped them get.”

All certified PPP loans are guaranteed by the SBA and potentially forgivable if used for required purposes. Pinnacle also provides assistance to its borrowers for demonstrating eligibility for loan forgiveness by SBA standards. Pinnacle has long operated forgiveness applications online for the program’s first draw and has recently opened applications for the second draw as well.

“This process isn’t over when we fund the loan,” Turner said. “We’ve been working with clients since October on the forgiveness process, and we’ve spent more than a year now advising businesses who are facing pandemic-related troubles. It started with PPP and our intensive deferral and credit review process, and now we’re moving into the home stretch with PPP forgiveness and the new SBA grant programs that launched this month.”

Banks have no direct involvement in making forgiveness determinations, but Pinnacle is among those providing consultations to clients whose loans came from either the Shuttered Venue Operators Grant or the Restaurant Revitalization Fund.

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