Apply at a branch or over the phone with this regional lender.
- Best for SBA loans — if you already have a banking relationship with Regions Bank
- Pick something else if you need funding fast
|Product Name||Regions Bank business loans|
|Loan Term||1 to 5 years|
|Min. Credit Score||600|
|APR||7% to 17%|
|Requirements||1+ years in business, $50,000+ in annual revenue, 600+ personal credit score|
How much will this loan cost me?
It’s unclear how much Regions Bank loans cost as of June 2020. It used offer loans from $15,000 to $1,000,000 through the online lender Fundation — and higher amounts to more established businesses.
While it had a partnership with Fundation, rates ranged from 7% to 17% — with no application or origination fees. Regions bank loans typically came with lower rates, though fees may apply. And you typically had nb:value niche_code=”USFBL” record_type=”PRODUCT” record_id=”69443851-6788-4d2d-bd3c-c4fbdc68c493″ field=”DETAILS.LOAN_TERM_MIN” decorator=”GLOBAL.VALUE.NUMBER”] to 60 months to repay the loan.
Use the loan calculator below to get a ballpark idea of how much a Regions bank loan might cost you. But make sure to get an estimate of the rates and terms your business might qualify for before you apply.
Business loan calculator
See how much you’ll pay
|Loan terms (in years)|
Fill out the form and click on “Calculate” to see your estimated monthly payment.
How it works
Generally, the lowest rates and highest loan amounts go to businesses that have positive cash flow and have been around for several years and to owners with a credit score of at least 760. The loan term you select can also affect your loan in some cases. Typically, shorter terms spell lower rates. But these can also make it more difficult to qualify for higher loan amounts.
When Regions partnered with Fundation, loans under $50,000 typically qualified for terms of 12 to 24 months. The average loan term was 24 to 36 months.
What do I need to qualify?
You and your business had to meet the following requirements to be eligible for a loan through Region’s program with Fundation:
- At least one year in business
- $50,000 in annual sales or more
- Personal credit score of 600
- Not based in Nevada
You might have to meet additional requirements if you apply for a loan directly through Regions Bank. That’s because banks tend to have stricter requirements than online lenders. Regions also might not be available in as many states, though I was unable to confirm this.
What do I need to apply?
Regions recommends that you have the following information on hand before you call in or visit a branch to apply.
- Personal financial statement
- Personal tax returns
- Business tax returns
- Interim financial statement for the current year
- Six months of non-Regions Bank account statements
Loans over $250,000 and unsecured likely require additional documents. Some businesses may also have to provide answers to an industry-specific questionnaire and additional financial statements. This includes religious organizations, nonprofits, agricultural businesses and restaurants.
What industries does Regions Bank work with?
Regions doesn’t specify which industries it does or does not work with. But it mentions requiring additional documents for nonprofits and religious organizations. These types of businesses are often ineligible for bank loans, so Regions might be more flexible than other, similar lenders.
What other types of financing does Regions Bank offer?
In addition to term loans, Regions Bank offers the following types of financing:
Lines of credit
Both secured and unsecured, these generally come with similar rates and amounts as a Regions Bank term loan. But you can draw from it as needed to cover cash expenses.
Regions Bank is a preferred lender for this government-guaranteed business loan program. That means it has the authority to process applications itself instead of sending them to the SBA. This can significantly cut down on the turnaround time, though it still may take weeks or months.
You can apply for a loan through the SBA 7(a), the bank portion of a 504 loan or an Express loan.
Pros and cons
Regions Bank might be a decent option if you already have an account and want an SBA loan. But make sure you consider the drawbacks.
- SBA preferred lender
- Accepts nonprofits and religious originations
- Secured and unsecured loans
- Must give SSN to speak to customer service
- No online application
- Almost no information available online