(NYSE:RF) today announced the company exceeded its Alabama Economic Development Loan Pool commitment for 2013 and will expand its loan pool commitment in 2014.
“The Alabama Economic Development Loan Pool reflects Regions’ commitment to serving as the economic development bank of Alabama,” said John Turner, South Region president for Regions Bank. “We are committed to helping companies grow and create more jobs. We are providing access to capital that helps drive business expansion and strengthen our economy. Already, this loan pool is supporting business growth and new opportunities for people across the state, and we will build on our commitment in 2014.”
Regions established the loan pool in February of last year and earmarked $1 billion to provide economic development capital and support job growth in Alabama in 2013. In September, Regions exceeded its billion-dollar commitment. Preliminary estimates show loan pool activity topped $1.3 billion by the end of the year. Based on initial data provided by participants, loan pool financing is supporting approximately 2,000 new jobs in addition to existing jobs at more than 350 companies and entities throughout the state.
For 2014, Regions is renewing and expanding its commitment by earmarking $1.5 billion for the Alabama Economic Development Loan Pool. The funding will support businesses and entities that are growing, modernizing or expanding in Alabama.
“Economic development is truly a partnership among many different groups,” Governor Robert Bentley said. “Regions Financial made a significant commitment last year to help Alabama companies continue to create jobs by establishing a loan pool for companies to have access to the financial capital needed for growth. I am honored that Regions Financial is going to extend the loan pool into 2014 and commit an additional $1.5 billion. This loan pool will help us build on our job creation efforts, and I appreciate Regions’ commitment to Alabama businesses.”