Regions Bank, Fundation and TruFund Work Together to Provide Loans to Underserved Small Businesses
September 14, 2016 09:00 AM Eastern Daylight Time
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.
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.
Category: Bank loan