RALEIGH, N.C. (MARCH 13, 2018) – First Tennessee Bank/Capital Bank today announced a $500,000 investment in the nonprofit Carolina Small Business Development Fund (CSBDF) to support underserved small businesses in North Carolina.
CSBDF provides small businesses loans, financial training, and education resources to startups and existing businesses along with lending services to community-based organizations. First Tennessee Bank’s program funding will allow CSBDF to expand access to capital to entrepreneurs in underserved markets.
“This generous funding from First Tennessee Bank/Capital Bank will have a significant impact on small business development in our communities,” said Lenwood V. Long, president and CEO of Carolina Small Business Development Fund. “We’re grateful that First Tennesesse Bank/Capital Bank recognizes our efforts in small business lending and supports underserved entrepreneurs and small businesses.”
“First Tennessee Bank/Capital Bank has been a long-time supporter of CSBDF, and shares their commitment to community development and advancing local small businesses,” said Rick Manley, market president of First Tennessee Bank/Capital Bank. “We are pleased to help continue their invaluable efforts to spur job creation in our state.”
For nearly three decades, CSBDF has been a leader in economic development across North Carolina. In 2010, CSBDF launched its direct small business lending program that has funded 594 small business loans totaling $43.4 million, helping create nearly 2,000 jobs in North Carolina.
Since its inception 25 years ago, First Tennessee Bank’s charitable foundation has donated more than $80 million to nonprofit organizations in the communities it serves.
About Carolina Small Business Development Fund
Carolina Small Business Development Fund’s mission is to foster economic development in underserved communities by providing capital, business services, and policy research to support small businesses. Since 2010, Carolina Small Business has invested more than $44 million through 607 loans to small businesses across North Carolina helping to create or retain more than 2,029 jobs. www.carolinasmallbusiness.org.
About First Tennessee and Capital Bank
Our First Tennessee and Capital Bank brands have the largest deposit market share in Tennessee, more than 350 branches across the southeast U.S., and one of the highest customer retention rates of any bank in the country. We have been ranked by American Banker as No. 5 among the Top 10 Most Reputable U.S. Banks. We were founded in 1864, have the 14th oldest national bank charter in the country, and have one of the highest customer retention rates of any bank in the country. Our FTB Advisors wealth management group has over 300 financial advisors and about $30 billion in assets under administration. FTN Financial, with 28 offices across the U.S., is a capital markets industry leader in fixed income sales, trading and strategies for institutional customers in the U.S. and abroad. First Tennessee Bank, Capital Bank, FTB Advisors, and FTN Financial are part of First Horizon National Corp. (NYSE:FHN). We have been recognized as one of the nation’s best employers by Working Mother and American Banker magazines and the National Association for Female Executives. More information is available at www.FirstTennessee.com.
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