BIRMINGHAM, Ala. – Feb. 23, 2021 – Regions Bank on Tuesday announced the company is expanding access to its Paycheck Protection Program (PPP) loan application portal to allow more small businesses to apply for funding.
Across the banking industry, many lenders have accepted PPP loan applications primarily from existing clients, rather than new clients. By expanding access to its PPP application portal to reach more small businesses, Regions will continue facilitating PPP loan requests for existing clients while also extending the service to new clients who begin a business banking relationship with Regions.
“Small businesses are the backbone of our economy and are critical to the growth and success of our communities,” said Leroy Abrahams, head of Community Affairs for Regions Bank. “We recognize the stress and uncertainty COVID-19 has created for small-business owners and their employees. With the expansion of our Paycheck Protection Program loan application process, Regions is committed to getting vital funds into the hands of those working across our communities to keep small businesses open and people employed.”
PPP is a program established and managed by the Small Business Administration (SBA) to provide crucial financing for companies suffering financial impacts amid uncertainties caused by COVID-19. The SBA is the organization that approves and allocates funding. Regions and other banks serve as facilitators, connecting their clients with the SBA option. Regions has long served as a preferred SBA lender.
From our bankers to our technology teams and others, the people of Regions Bank are working every day to support small businesses through the PPP application process.
Nikki Stephenson, head of Commercial Credit Products for Regions Bank
Qualifying small businesses are eligible to receive funds under the PPP in the form of forgivable loans. Regions reopened its PPP application portal in January as the second round of PPP funding began nationwide. During the first round of PPP funding in 2020, Regions facilitated more than $4.8 billion in PPP loans for clients across the 15 states served by Regions branches. The overwhelming majority of these loans went to companies with fewer than 100 employees. Regions shares updated COVID-recovery resources with clients through this link on Regions.com.
“From our bankers to our technology teams and others, the people of Regions Bank are working every day to support small businesses through the PPP application process,” said Nikki Stephenson, head of Commercial Credit Products for Regions Bank. “In addition to facilitating applications, we are constantly staying in tune with the latest guidance from the U.S. Treasury and SBA to provide updated information to business owners seeking funding. With the expansion of our loan application portal to new business clients, we are making an even greater impact for local businesses while using our resources to serve more people.”
Beyond PPP funding, the comprehensive COVID-19 response from Regions Bank, along with the nonprofit Regions Foundation, has included more than $5 million in community contributions supporting relief and recovery. Examples of Regions’ contributions and other stories and announcements related to COVID-19 services and recovery are available in this section of Regions’ news website.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $147 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, and mortgage products and services. Regions serves customers across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates more than 1,300 banking offices and 2,000 ATMs. Regions Bank is an Equal Housing Lender and Member FDIC. Additional information about Regions and its full line of products and services can be found at www.regions.com.
About Regions Foundation
Regions Foundation supports community investments that positively impact the communities served by Regions Bank. The Foundation engages in a grantmaking program focused on priorities including economic and community development; education and workforce readiness; and financial wellness. The Foundation is a nonprofit 501(c)(3) corporation funded primarily through contributions from Regions Bank.