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Regions Bank offers full-service banking to both consumers and businesses in 16 states in the South, Midwest, and Texas. Regions Bank’s parent company, Regions Financial Corporation, is the culmination of the merger of multiple banks that has created one of the top 10 banks in the U.S. with $125 billion in assets.

Rank Chart
Interest Rates
Revenue Requirement
Review

#1

1.5-12%
$50k/year

#2

15-35%
$54k/year

#3

5.99-36%
$100k/year

#93
regions

Undisclosed
Unknown

The Good

Regions Bank offers small businesses a variety of loans, including financing for real estate, equipment, working capital, agricultural, and Small Business Administration (SBA) loans. Regions Bank also has an online loan application hosted by the online lender Fundation that allows its businesses to submit applications that will be considered by both Regions Bank and Fundation and may result in loan offers from either or both companies. Benefits of the service include:

Variety  of Loans

Regions Bank offers small businesses a variety of loans, including:

  • Real Estate loans for purchasing, building, or refinancing commercial real estate
  • Equipment and Vehicle loans for purchasing or refinancing equipment or commercial vehicles
  • Working Capital loans that includes financing for accounts receivable and inventory
  • Agricultural loans for the purchase of land, equipment, and certain operating expenses
  • SBA loans that may have longer terms and lower rates than other traditional loans.

In 2015, Regions Bank also established a relationship with online lender Fundation so that its small business customers can apply for additional loans online. Regions Bank’s online application is hosted by Fundation and applications will be considered for funding by both Regions Bank and Fundation

Experience

The bank is a SBA Preferred Lender and in 2010 and 2011 ranked as the top SBA 504 lender in both Alabama and Florida for dollar amount and volume of SBA 504 loans. In FY15, Regions Bank ranked #12 in SBA’s list of its 100 Most Active SBA 7(a) Lenders with 329 loans and a total loan amount of $247,288,000.

Resources

Regions Bank’s website has a Small Business Resource Center with calculators to help you determine business loan repayment terms, debt consolidation, inventory turnover, accounts receivable turnover, working capital requirements, and break even analysis, among other items. The resource center also offers articles and videos on business finance, risk management, operations, and innovation.

The Bad

Regions Bank offers a number of quality loan services to businesses, but there are limitations to the platform as well. Prospective borrowers should be aware of the following items prior to signing a loan:

Missing Information

Regions Bank provides very limited information on its website about the terms of its loans. The bank lists the types of loans it provides and what their funding can be used for, but it does not provide specific information about the costs of the loans or other important terms that businesses would require to determine if Regions Bank’s loans were competitive with other lenders. We recommend Regions Bank add the following information to its website about the loans it offers:

  • >Maximum and Minimum Loan Amounts
  • >Interest Rates or Interest Rate Range
  • >Whether Loans have Fixed of Variable Interest Rates
  • >Collateral Required to Secure Loans
  • >Cost of fees, including:
    • >Origination
    • >Documentation
    • >Prepayment
    • >Late Payment
  • >Minimum Credit Rating Required to Qualify
  • >Years in Business Required to Qualify
  • >Annual or Monthly Revenue Required to Qualify
  • >Length of Time to Receive Funding after Approval

Without the loan specifics detailed in the list above, small businesses will not know whether it is worth the time and effort to apply for these loans. Regions Bank’s Quick Guide for small business loan applicants states loan decisions can take several days and are usually “available within five calendar days of submitting a complete application.”

Not Available in All 50 States

Regions Bank offers business and consumer banking services to customers in the following states only: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas and Virginia. Businesses that are located outside of these states cannot apply for loans with Regions Bank or use the banks other financing services, such as checking and savings accounts, lines of credit, or business credit cards.

Payment Must be from Regions Account

Loan holders are required to have a business checking account with Regions Bank. All loan payments will be automatically deducted from this Regions Bank account. This payment requirement limits Region Banks’ loans to customers who have its checking account and requires that loan applicants who do not have a checking account with Regions Bank open a new account or switch their existing account from another bank.

The Bottom Line

Regions Bank is a banking power house with tremendous financial reserves and it ranks as one of the top banks in the United States. Small businesses interested in a variety of financing options may want to apply for loans with Regions Bank as the company has provided hundreds of millions of dollars to finance small business loans, giving it expertise in the small business financing market. A drawback of applying for a loan with Regions Bank is the bank does not provide enough information on its website about the cost of its loans or their repayment terms to determine if they are cost effective compared to other lenders small business loan offerings.

Regions Bank has recently begun offering a streamlined loan application process, but its more traditional application process can take several days for approval. Small businesses interested in applying for a loan with Regions Bank are only eligible to do so if there business is located in one of the following states: Alabama, Arkansas, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Mississippi, Missouri, North Carolina, South Carolina, Tennessee, Texas or Virginia.

*Star Rating is determined by evaluating APR range, minimum credit score requirement, revenue requirement, length in business requirement, and other related approval data.

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