FOR IMMEDIATE RELEASE
Oct. 1, 2014
For more information,
Contact: Natalie Lester
Funds will boost underserved businesses, create jobs
Today, Pinnacle Financial Partners invested $1 million in the Knoxville Area Urban League’s lending program that will be used to make loans and fund businesses and, in turn, create jobs and opportunities for residents in economically disadvantaged communities.
The significant investment represents a public-private partnership directly linked to the Knoxville Area Urban League’s Community Development Financial Institution Certification from the U.S. Department of the Treasury, which was achieved earlier this year. The certification allows the Urban League increased access to programs and services for the underserved and low- to moderate-income communities.
“We are so thankful to Pinnacle Financial Partners for supporting the Urban League’s mission to provide business opportunities for our community,” said Phyllis Y. Nichols, Knoxville Area Urban League president and CEO. “We will use the investment to make loans and fund businesses that do not have adequate access to capital. Ultimately, these businesses will create jobs and opportunities in economically disadvantaged communities for residents who want and need to work to support themselves and their families.”
Pinnacle’s investment came about as a result of its vision, leadership, and desire to partner with the Knoxville Area Urban League to deploy capital to businesses and reach communities that the financial group wouldn’t otherwise be able to impact.
“Pinnacle is thrilled to provide these resources to the Urban League and create opportunities for these businesses and communities that we’d be unable to serve if it wasn’t for the Urban League’s CDFI certification,” said Harvey White, Knoxville regional executive for Pinnacle. “We are excited to see how the money affects the economic development in the community and are proud to be a part of Knoxville’s overall business success.”
Across the country in 2012, CDFI awardees provided more than 5,000 small business and microenterprise loans, created or maintained more than 25,000 full-time jobs and used their grant funding to leverage $1.5 billion in private investment. Institutions also financed almost 1,800 affordable housing units and 16,000 affordable rental units. They provided financial literacy and other training to more than 177,000 individuals in the communities they serve.
“This investment lifts economic development in Knoxville,” said Cynthia Moxley, Knoxville Area Urban League board chair. “It opens the doors for entrepreneurs and those in need of financial training. We are fortunate to have both Pinnacle and the Knoxville Area Urban League in our community to provide these resources.”
About the Knoxville Area Urban League
Since 1968, the Knoxville Area Urban League has assisted disadvantaged people attain social and economic stability and self-sufficiency through direct services and advocacy. The League works to provide a skilled and diverse workforce; to increase homeownership; to support economic and small business development, and to enhance education efforts for our youth. The Knoxville Area Urban League is a United Way partner agency and affiliate of the National Urban League. The League’s work and results are evident in the lives of the over 8,000 people it impacts each year. For more information, go to www.thekaul.org.
For more information on the Knoxville Area Urban League and its programs, call 865-524-5511 or visit http://www.thekaul.org.