Partnership with BrightBridge Inc. aims to expand economic growth in the region
MEMPHIS – First Tennessee Bank, a member of the First Horizon National Corp. family of companies, that also includes Capital Bank, announced a $500,000 investment to provide access to capital for start-ups and small businesses. The company has partnered with Chattanooga-based BrightBridge, Inc. whose mission is to reduce barriers to business growth by customizing loan packages and advisory services. BrightBridge also increases employment opportunities and fosters the expansion of business and industry in Tennessee and surrounding states.
“BrightBridge aims to accelerate start-up and business growth,” said Bill Pollard, BrightBridge chief operating officer. “The $500,000 commitment from First Tennessee will open even more doors for start-up and small businesses in the region. First Tennessee understands and values the opportunities small business provides to our communities. Their investment allows us to do the work that will have long-term positive impacts in our community.”
First Tennessee’s investment is part of its Community Benefits Plan to broaden access to financial resources and strengthen economic development in communities in its footprint. “At First Tennessee Bank, we know access to capital can expand small businesses and drive innovation. Our partnership with BrightBridge helps entrepreneurs overcome some of the barriers of traditional financing,” said Jay Dale, First Tennessee Chattanooga market president.
The goals of the partnership include:
1. Closing the commercial lending gaps
2. Building strong partnerships with lenders and peer organizations
3. Fostering community understanding and engagement
4. Creating measureable impact
5. Supporting environmental sustainability
Small business owners interested in applying for funding can find additional information at: www.BrightBridgeInc.org.
About First Tennessee Bank
First Tennessee Bank, together with its Capital Bank division, is one of the five largest regional banks headquartered in the Southeast with more than 250 branches and the largest deposit market share in Tennessee. Capital Bank, First Tennessee Bank, FTB Advisors, and FTN Financial are part of First Horizon National Corp. (NYSE:FHN). The company’s banking subsidiary was founded in 1864 and has the 14th oldest national bank charter in the country. FTB Advisors wealth management group has more than 300 financial professionals and about $4.8 billion in assets under management. FTN Financial is a capital markets industry leader in fixed income sales, trading and strategies for institutional customers in the U.S. and abroad. The company has been ranked by American Banker magazine among the Top 10 Most Reputable U.S. banks and as one of the nation’s best employers by the National Association for Female Executives and Fortune magazine. More information is available at www.FirstTennessee.com.
About BrightBridge, Inc.
Since 1981, we have supported economic development by providing innovative solutions which meet the capital needs of startup and existing businesses in metropolitan and rural areas.
Our capital solutions enable projects that bring jobs, commercial goods and services, and community assets to communities that need them. These solutions include the Small Business Administration’s 504 and Community Advantage loans and financing through our role as a Certified Development Financial Institution (CDFI), and the New Markets Tax Credit program.