Pinnacle Financial Partners is one of the nation’s premier banking companies. It is especially known for its amazing loan offerings for small business owners.
Pinnacle Financial Partners offers various trust, investment, mortgage, insurance products, banking, and services for businesses and their owners. The company also favors people looking for a long-term connection with their bank.
Pinnacle’s strategy begins with attracting the best financial specialists. It was named the sixth greatest bank to ‘Work For’ in 2016 by American Banker.
It was ranked No. 34 on the 2017 Fortune list out of the 100 Best Companies to ‘Work For’ in the States.
This article answers all your questions about the small business loans and other loans offered by Pinnacle Financial Partners.
An Overview of Pinnacle Financial Partners
Pinnacle commenced operations around October 2000 at a solitary downtown Nashville site. Ever since then, the firm expanded to include the state’s four biggest markets: Chattanooga, Knoxville, Memphis, and Nashville, and even numerous neighboring counties.
Pinnacle has several goals on which it operates. These include:
- Give clients unique financial service and sound guidance
- Enhance customers’ lives on a financial, professional, and personal level
- Make a major difference in the community
- Exceptional long-term wealth creation for shareholders
The firm aims to emphasize real estate professionals, customers, and businesses.
They prefer organizations that are looking to establish comprehensive relations with their financial partners. The firm also strives to provide a complete line of finance-related services ranging from investments, trusts, mortgages to loans and banking,
Pinnacle also constantly works towards providing unique services as well as crucial advice. Thus, customer satisfaction is pretty high on their list. You can also deduce this from the range of loans offered by the firm for small business owners. Let us take a look at them.
Types of Loans Offered by Pinnacle Financial Partners
Pinnacle has an impressive range of loans offered for small businesses. They have easy lending options and offer creative solutions to your issues.
This necessitates the use of an asset or item as collateral. The worth of your asset can secure such a loan because it may be used to pay off debts or to obtain upgrades to your facility or business. Here are a few instances of collateral that you can use:
- Investing (like a checking, money market account, savings, or a CD)
- Securities that can be traded (stock, mutual funds, brokerage account, bonds)
- An automobile, bus, boat, or aircraft that is used for business purposes
- Assets in the general business
Such a type of loan does not need security. However, it does come with a bigger interest rate. The borrower can use the cash towards working capital to assist in managing the company’s cash flow for immediate demands.
Equipment and Vehicle Loans
Such a loan can help buy old or new commercial equipment or vehicles (including hauling and bus equipment). It needs security in the form of an asset or object. We have listed a few types of collateral that you can make use of:
- Existing industry, manufacturing, or construction machinery
- Personal or commercial property
There are times when your company’s ability to meet the standard borrowing requirements gets hindered. What will you do? Well, capital finances are in place for just that.
The Western Alliance bank provides additional working capital to the businesses when they are in need. They provide different capital finance solutions like terms loans, asset-based lending, international banking services, growth capital, etc.
Commercial Real Estate Loan
Any real estate asset that generates money and is utilized for commercial purposes is classified as commercial real estate. That includes retail stores, offices, apartments, and hotels, to name a few.
Non-Owner Occupied 1-4 Family Real Estate Loan
Such a loan is designed to aid smaller-scale real estate owners having 1-4 property investments in their portfolios. The conditions are customizable to fit the owner’s needs.
Commercial Owner-Occupied Real Estate Loan
If you’re seeking to buy commercial property for your company, such a loan can help. The conditions are adjustable to suit your requirements.
Commercial Non-Owner-Occupied Real Estate Loan
If you want to buy a business investment property, this loan can help you get the money you require. Its terms are flexible enough to fit your demands.
Small Business Administration loans can assist entrepreneurs who require an alternative other than standard finance.
SBA loans may be used to fund nearly every type of business, from start-ups to established companies, service providers to manufacturers. They can go up to $5 million and occasionally more.
Moreover, these loans may vary from typical loans in several aspects that are important to several business people, such as:
- Lower initial deposits
- Loan structures with more flexibility
- Lower monthly payments
What Lending Criteria Does the Bank Have?
The elements that Pinnacle considers before issuing a loan are referred to as lending criteria. These factors become the determining element as to whether your loan will get authorized or denied.
Pinnacle Finance Partners’ lending standards are essentially the same as that of any other bank in the States. While applying for a loan, ensure that you fulfill the minimum qualifying requirements.
When applying for a business loan, the lender looks at multiple things. Some of these are your firm’s revenue debt repayment history, the quality of your service or product, your reputation, etc.
Pinnacle will approve the loan once everything appears to be in order. In other situations, such as secured banks, the borrower will be required to furnish collateral. And to progress with your loan, you should have collateral.
Pinnacle Finance Partners’ Interest Rates, Fees, and Loan Options
The fees and rates depend on many factors like repayment terms, loan choice, loan amount, and others.
Rates and Loan Options
Compared to the typical US banks, Pinnacle offers a savings rate of 0.10 percent below the national average. It offers a 1.06 percent one-year CD as well as a 1.97 percent five-year CD.
On top of that, it provides a 0.75 percent annual percentage yield on its highest-yielding money market account. When compared to the typical savings account, the firm offers a competitive savings rate.
Consider switching banks to obtain a higher interest rate on your money.
|TYPE OF SBA LOAN||LOAN AMOUNT||REPAYMENT TERM||SBA LOAN RATE|
|SBA 7(a) Loan||Under $25,000||Over 7 years||Prime rate + 4.75%|
|SBA 7(a) Loan||Between $25,000 and $50,000||Over 7 years||Prime rate + 3.75%|
|SBA 7(a) Loan||Over $50,000||Over 7 years||Prime rate + 2.75%|
|SBA 7(a) Loan||Under $25,000||Under 7 years||Prime rate + 4.25%|
|SBA 7(a) Loan||Between $25,000 and $50,000||Under 7 years||Prime rate + 3.25%|
|SBA 7(a) Loan||Over $50,000||Under 7 years||Prime rate + 2.25%|
|SBA Express Loan||Up to $350,000||Up to 7 years||Prime rate + 4.5% – 6.5%|
|SBA 504/CDC Loan (CDC portion)||Up to $5.5 million||10 years||2.231%|
|SBA 504/CDC Loan (CDC portion)||Up to $5.5 million||20 or 25 years||2.364% – 2.399%|
|SBA Microloan||Less than or equal to $10,000||Up to 6 years||Cost of funds + 8.50%|
|SBA Microloan||Over $10,000||Up to 6 years||Cost of funds + 7.75%|
When opposed to other US banks, Pinnacle usually has minimal costs. Pinnacle Bank is perfect for those who desire a simple banking experience and don’t want to pay a monthly charge.
The bank is fair for people who require cash immediately since it charges a $2.00 ATM fee. This charge is reasonable when compared to the national average. The banking firm additionally boasts a smaller overdraft charge than the state average at $30.
It is ideal for individuals who don’t monitor their balance frequently. Pinnacle does not reimburse ATM costs, so you’ll have to look for a Pinnacle ATM or pay the charge.
Pinnacle Finance Partners’ Application
There are a few steps you need to go over to apply for a loan at Pinnacle.
1. Check If You Qualify for the Business Loan
The length of time you’ve invested in the business will be taken into account by the bank. This period must be more than a year or two. It will serve as proof to the bank that you are running a successful firm.
Furthermore, your credit score will play a significant part in deciding the interest rate on your loan. Before you apply, double-check it. Moreover, the amount of money generated by your business is important.
This process will aid you in being eligible for the loan and ensure the bank that you will be able to return it.
2. Decide the Type of Loan
Now, you must choose the type of loan that suits your needs the best. Do you want to commence your business or make it bigger? You need to know your needs and the types of loans offered inside out to make the correct decision.
3. Collect All the Documents
Your documents play a huge role. Once you have decided, bring all your essential documents to a trusted advisor at Pinnacle. They will help you with the next steps.
Once you are confident, take the leap and apply.
Remember, the staff at Pinnacle is always there to help you out. At any stage, if you feel confused or unsure, do not hesitate to reach out to them. The experts will help you out and ensure a smooth journey.
Summary Of Pinnacle Finance Partners’ Loan Options
Pinnacle is an amazing place if you want to get a loan for your small business. It offers numerous loan options for you to choose from. The savings rates are a bit lower than average U.S. banks. Pinnacle also charges minimal fees.
Before taking a loan, you should always do your research. A good way to do such research is by reading trusted reviews to understand what you are stepping into.