BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Regions
Bank, together with Fundation
Group LLC, a digitally-enabled small business lender, and TruFund,
a Community Development Financial Institution (CDFI), today jointly
announced a first-of-its-kind agreement to provide small dollar loans to
underserved small businesses.
Through this unique and collaborative agreement among a regional bank, a
digitally-enabled lender and a CDFI, underserved small businesses that
may not be eligible for traditional bank loans will have the opportunity
to apply for small dollar loans for working capital and expansion
activities.
This agreement allows more small businesses to benefit from TruFund's
hands-on approach to helping small businesses. Using the online lending
expertise of Fundation, small business clients will have increased
availability and access to funding, in as fast as 48 hours from
application. Regions has also pledged to provide capital, assisting both
TruFund and small business customers.
"Regions has worked with both TruFund and Fundation in the past, and
bringing these two organizations together is a natural fit. It expands
both of their abilities to meet client needs and provides more access to
credit for small businesses," said Joe DiNicolantonio, Executive Vice
President, Commercial Banking at Regions Bank.
Sam Graziano, CEO of Fundation Group LLC, said, "This program is exactly
what Fundation is built for, combining our technology and small business
lending expertise with the capabilities of our partners to expand access
to capital for small businesses."
In
2015, Regions and Fundation announced an agreement that expanded both
companies' abilities to provide credit to small business borrowers.
"This unique partnership will provide small business owners with an
affordable source of microloan capital," said James H. Bason, President
of TruFund Financial services. "The way small businesses borrow money is
being transformed, with faster and easier ways to access credit, and
TruFund is proud to have worked with Regions Bank and Fundation to find
an innovative solution that supports economic growth and increases
access to credit in the small business community."
About Regions Financial Corporation
Regions Financial
Corporation (NYSE:RF), with $126 billion in assets, is a member of the
S&P 500 Index and is one of the nation's largest full-service providers
of consumer and commercial banking, wealth management, mortgage, and
insurance products and services. Regions serves customers across the
South, Midwest and Texas, and through its subsidiary, Regions Bank,
operates approximately 1,600 banking offices and 2,000 ATMs. Additional
information about Regions and its full line of products and services can
be found at www.regions.com.
About Fundation
Fundation Group LLC is a digitally-enabled
lender and credit solutions provider. The Company develops integrated
small business lending solutions with banks and partners with a wide
array of other organizations that serve the small business market in
various capacities to deliver credit products to the business community
nationwide. For more information, please visit www.fundation.com.
About TruFund Financial Services
TruFund Financial Services,
Inc. is a wholly independent national non-profit Community Development
Financial Institution (CDFI). TruFund seeks to stimulate economic
development in communities that are underserved by traditional banking
institutions by providing fair and accessible capital, hands-on
technical assistance and innovative solutions to small businesses and
nonprofit organizations.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160914005605/en/
Regions Bank
Mel Campbell, 205-264-4551
mel.campbell@regions.com
or
Fundation
Debbie
Miller, 202-888-2738
debbie.miller@fundation.com
or
Trufund
Financial Services, Inc.
Kim Carter Evans, 646-385-6946
kevans@trufund.org
Source: Regions Financial Corporation
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