Regions Bank (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.”
Regions works closely with the business community and the Alabama Department of Commerce to identify projects that could be candidates for financing.“Our goal is to help new and existing companies succeed and expand here in Alabama,” said Alabama Secretary of Commerce Greg Canfield. “In order for that to happen, companies large and small need access to capital. As businesses grow, more jobs are created in our communities, and our entire economy grows stronger.” Currently, the Alabama Economic Development Loan Pool is fueling growth and expansions among a variety of employers. Consider these examples:
- Dothan-Houston County Airport Authority:
“We’ve been up and running at our new facility since June,” said Phil Mazur, Deshazo’s vice president of finance. “We have hired 15 new, full-time employees now and have the capacity to hire up to 50 before the end of 2014. This is a major project, and there could have been a lot of headaches, but working with Regions, it hasn’t been difficult at all.”
- Horizon Shipbuilding:
- Selma Urgent Care:
“Both my partners were ER physicians and felt the need for immediate care to bridge the gap between the overloaded ERs and the overbooked primary care physicians,” Sagar Vadlamudi, co-founder of Selma Urgent Care explained. “We realized that unless you had an open primary care physician, you had to drive to Montgomery, Prattville or Birmingham for immediate medical care short of major trauma. Because of that, we felt there was a need for more medical care in Selma.”With funding from Regions’ Alabama Economic Development Loan Pool, Selma Urgent Care is now able to serve patients not only from Selma, but also from nearby Chilton, Wilcox and Perry Counties. Vadlamudi’s team is also developing plans for an urgent care center in Clanton, which recently lost its only hospital.
- Brindlee Mountain Fire Apparatus:
Regions Bank is invested in Alabama. A recent study from economic development researcher Tripp Umbach showed Regions had an overall $7 billion impact on the Alabama economy in 2012, supporting nearly 22,000 jobs both directly and indirectly. Also, Regions recently named Jeff Rabren to manage economic development initiatives with a focus on encouraging capital investment and job creation in Alabama. Regions is Alabama’s only Fortune 500 company and is the largest private employer in its headquarters city of Birmingham.Companies interested in learning more about Regions’ Alabama Economic Development Loan Pool or applying for financing are encouraged to contact a Regions banker or visit a local branch for a referral. About Regions Financial Corporation Regions Financial Corporation (NYSE:RF), with $117 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 in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,700 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.