BIRMINGHAM, Ala., Nov 02, 2011 (BUSINESS WIRE) — Regions Bank (NYSE:RF) continues to be ranked as one of the nation's top SBA 504 lenders, according to data recently released by the U.S. Small Business Administration for fiscal year 2011.
Year-over-year, Regions increased the number of SBA 504 loans by 11 percent, making Regions the fifth largest lender by loans approved. For the second consecutive year, Regions was the top SBA 504 lender in Alabama and Florida in both dollar amount and volume. 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.
"Loan opportunities through the SBA are very attractive for small business owners and give us more opportunities to lend to more businesses," said Lynetta Tipton Steed, head of Business and Community Banking. "As a preferred SBA lender, we continue to provide knowledge, advice and expertise to help small business grow and we are expanding our focus on government guaranteed lending in order to help more business owners succeed."
In addition, Regions, a member of the SBA's Preferred Lender program, has also moved into the top 25 banks in terms of SBA 7(a) lending. Year-over-year, the company saw an 81 percent increase in the number of approved 7(a) loans.
As part of the company's efforts to increase lending to small businesses, Regions appointed a government guaranty lending manager in 2010 and has more than doubled staffing in SBA underwriting, packaging and processing over the past year.
- 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 has committed an additional $200 million to help small businesses grow and put more Americans back to work as part of a multi-bank, multi-year commitment to small business lending.
- To date Regions has made more than $5.6 billion in new or renewed loan commitments to small businesses during 2011.
- To ensure no opportunity for business growth is overlooked, any declined small business loan application is reviewed through Regions' Second Review Process.
- Regions ranked in the top ten among national banks in the J.D. Power and Associates' 2011 U.S. Small Business Banking Satisfaction Study.
- Regions is the recipient of the 2010 Greenwich Excellence Award in Small Business Relationship Management.
About Regions Financial Corporation
Regions Financial Corporation, with $130 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, 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 over 2,100 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 http://www.regions.com.