Small business owners will be able to access an online lender’s application through Birmingham, Alabama-based Regions Bank’s website.
Regions and New York-based Fundation Group LLC made the announcement Monday. Both firms said their agreement provides a coordinated, first-of-its-kind lending solution. Small businesses will be able to expedite their Regions loan applications or apply for a Fundation loan.
Twenty percent of the country’s small business owners already turn to online lenders to meet their credit needs, said Joe DiNicolantonio, head of Regions Business Banking. The agreement with Fundation allows Regions to expand loan product offerings and the method of delivery for small businesses, while also cultivating long-term revenue and loan-growth opportunities.