Regions Bank Small Business Loan Review
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Regions Bank is a large company that offers many kinds of financial products, including small business loans. Their loan options include fixed rates, adjustable rates, commercial real estate, renovation and construction loans as well as lines of credit for short term expenses. Each has its own characteristics but they are all subject to evaluation in relation to your own business’ financial situation. As a member of the SBA Preferred Lender Program (PLP), Regions Bank is positioned to provide expertise and a streamlined process to help clients apply for SBA backed loans.
Understanding Your Loan Options
Regions offers very simple and quick short-term credit solutions though unsecured term business loans based on credit scores. If the score is excellent, they will set you up with a repayment schedule to best fit your situation. They also offer more long term secured credit options for expenses like large equipment purchases with fixed rates and terms.
The two major SBA partnership loans are available at Regions Bank and include the 504-unsecured loan program that focuses on real estate and machinery funding. The 504 loans include job creation requirements. The 7(a) program requires security but offers the same business expense loans for equipment, office furniture, former business debts or real estate loans with variable rates for up to 25-year terms.
Speed of Implementation and Loan Duration
Finally, they offer the SBA Express Loan, a program that allows a small business to obtain a line of credit that will be termed out that best allows for a balance between short term and long-term needs while serving as a vehicle to assist a business to grow.
Normally SBA loans can take easily up to 64 days to get approval, and that is after all of the applicant’s documents have been turned in to the lender. However, Preferred Lender status gives Regions Bank the authority to assess, document, approve and ultimately close the loan without direct SBA approval or review. From completed application to funding is probably more like thirty days because of the company’s Preferred Lender status.
Fine Print and Final Thoughts
The SBA's guaranty allows Regions Bank to provide financing to businesses which might not otherwise qualify for conventional bank financing. Larger financial institutions such as banks may never step foot into your business. They are more concerned about the plan that was put on paper and the entrepreneur. If you write a good proposal, these may be the bankers for you. Talk to them about small business funding options too.
Anne is a Senior Author for SBL. She began her career as an independent consultant for local businesses after graduating with a BA in Management. Since that time, she’s expanded to writing as well as consulting to spread helpful knowledge to small business owners across the country.