Regions Bank forms joint venture with online lender Fundation

Source: Regions Bank

Regions Bank and Fundation Group LLC today announced an agreement that will combine the strengths of one of the nation’s largest full service banks with that of a leading online lender to provide small businesses with a first of its kind, coordinated delivery of lending solutions.

Small business owners looking to grow and expand, or to better manage cash flow, will have the option to access Fundation’s online application directly from the Regions.com website. This new co-branded online customer experience will allow small businesses to expedite their loan applications for Regions lending products or elect to apply for a Fundation loan.

“Small businesses continue to drive growth throughout the economy, and in order to meet their ever-evolving needs and desire to utilize online and digital processes, the financial services industry must provide innovative solutions that offer flexibility, speed, and capital access in a responsible manner,” said Joe DiNicolantonio, head of Regions Business Banking. “We know that 20 percent of small business owners in the U.S. are already turning to online lenders to meet their credit needs1. This unique agreement with Fundation allows Regions Bank to expand loan product offerings and method of delivery for small businesses while also cultivating long-term revenue and loan growth opportunities.”

Commenting on the relationship, Sam Graziano, CEO of Fundation, said, “This agreement is a first-of-its-kind for the online lending industry. Regions and Fundation made a commitment to develop a highly integrated and coordinated approach to serve the small business market in Regions’ footprint. Regions brings a powerful brand, an outstanding retail distribution franchise and an already very strong set of capabilities in delivering credit products to small businesses. By leveraging our digital infrastructure, we expect to enhance Regions’ leadership position in its footprint and meaningfully accelerate the growth of our own business.”

Fundation offers a streamlined online loan application with a high-touch concierge service to offer loan applicants valuable information and insight about the loan process and their loan application. Small businesses can apply for a loan in less than 10 minutes and loans can be funded in three days. To apply, customers simply visit Regions.com/smallbusiness and are directed through a link from Regions.com to Fundation’s online application.

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