Regions Bank Ranks Among Top SBA 504 lenders to Small Businesses in 2010
December 14 2010 - 9:00AM
Business Wire
According to data recently released by the U.S. Small Business
Administration (SBA), Regions Bank (NYSE:RF) now ranks among the
top five banks in the nation as measured by SBA 504 loan approval
dollar volume for fiscal year 2010.
Year-over-year, Regions increased the number of SBA 504 loans
approved by 32 percent and increased the dollar volume of approvals
by 50 percent. Regions is a member of the SBA's Preferred Lender
Program and was ranked the No. 1 SBA 504 lender by volume in both
Alabama and Florida for fiscal year 2010.
The SBA 504 loan program supports economic development within a
community by providing small businesses with long-term, fixed-rate
financing to acquire assets for expansion or modernization. SBA 504
loans are guaranteed by the U.S. Small Business Administration with
at least ten percent of equity contributed by the borrower, up to
50 percent secured from a private lender, and the remainder
provided by a Certified Development Company (CDC) -- a private,
nonprofit corporation set up to contribute to the economic
development of its community.
“At Regions we understand the crucial role that small businesses
play in our communities and the SBA 504 program is an excellent
example of how financial institutions, nonprofits and government
can work together to spur economic growth,” said Lynetta Tipton
Steed, head of Business and Community Banking. “As one of the
largest banks serving small businesses in the country, Regions has
the resources and expertise to meet the unique needs of small
business owners and this ranking demonstrates our continued
commitment to helping small businesses succeed.”
As part of the company’s efforts to increase lending to small
businesses, Regions recently appointed a government guaranty
lending manager to oversee government lending across the 16 states
Regions serves, including programs available through the SBA, the
Farmers Home Administration (FmHA), and the U.S. Department of
Agriculture (USDA).
Regions has a long track record of providing capital to small
businesses along with solutions to help small business owners
manage their financial needs through all economic cycles.
- Regions made $1.9 billion in new or
renewed loan commitments to small businesses during the third
quarter of 2010.
- To ensure no opportunity for business
growth is overlooked, any declined small business loan application
is reviewed through Regions' Second Review Process.
- The U.S. Small Business Administration,
in its 2009 annual small business lending survey ranked Regions the
No. 3 small business lender in the country.
- Regions tied for fourth place among
national banks in the J.D. Power and Associates’ 2010 Annual Small
Business Banking Customers satisfaction survey.
- Greenwich and Associates, the premier
commercial banking market research firm, recognized Regions as the
only major bank in its footprint to increase small business market
share during 2009.
About Regions Financial Corporation
Regions Financial Corporation, with $133 billion in assets, is a
member of the S&P 100 Index and one of the nation's largest
full-service providers of consumer and commercial banking, trust,
securities brokerage, mortgage and insurance products and services.
Regions serves customers in 16 states across the South, Midwest and
Texas, and through its subsidiary, Regions Bank, operates
approximately 1,800 banking offices and 2,200 ATMs. Its investment
and securities brokerage trust and asset management division,
Morgan Keegan & Company Inc., provides services from over 300
offices. Additional information about Regions and its full line of
products and services can be found at regions.com.
Regions Financial (NYSE:RF)
Historical Stock Chart
From May 2024 to Jun 2024
Regions Financial (NYSE:RF)
Historical Stock Chart
From Jun 2023 to Jun 2024