Regions Bank business loans review

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 had one to five years 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.

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 one to two years. The average loan term was two to three years.

What do I need to qualify?

You and your business had to meet the following requirements to be eligible for a loan through Regions’s program with Fundation:

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.

Unsecured loans and those over $250,000 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.

SBA loans

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.

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Name	Product	Filter Values	Loan amount	APR	Requirements
Lendio business loans Finder Rating: 4.75 / 5: ★★★★★			$500 – $5,000,000	Starting at 6%	Operate business in US or Canada, have a business bank account, 560+ personal credit score	Submit one simple application to potentially get offers from a network of over 300 legit business lenders.	Go to site More Info	Compare	loading Fetching your data…
National Funding business loans Finder Rating: 4.75 / 5: ★★★★★			$5,000 – $500,000	4% to 8%	Be in business at least one year and make at least $150,000 in annual sales. Other loan types have additional requirements.	Working capital loans and equipment financing, some high-risk industries may be eligible.	Go to site More Info	Compare	loading Fetching your data…
Fundbox lines of credit Finder Rating: 4.2 / 5: ★★★★★			$1,000 – $150,000	Not stated	6 + months in business, $100,000+ in annual revenue, 600+ credit score	Get flat rate, short-term financing based on the financial health of your business, not your credit score.	Go to site More Info	Compare	loading Fetching your data…
Bitty Advance business cash advances Finder Rating: 2.8 / 5: ★★★★★			$2,000 – $25,000	Not applicable	$5,000 monthly bank revenue, 6+ months in business, business bank account open 3+ months, 450+ credit score	With APRs in the triple digits, this is best saved as a last resort.	Go to site More Info	Compare	loading Fetching your data…

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How do I apply?

Applications are only available by setting up an appointment or over the phone. You can apply over the phone by calling 800-734-4667. Otherwise, follow these steps to set up an appointment.

1. Go to the Regions Bank website and click Small businesses in the main navigation bar.
2. Hit Borrow and then Loans and lines of credit.
3. Click the Make an appointment.
4. Select either Small business ($20 million or less in revenue) or Small business (greater than $20 million in revenue), depending on your revenue.
5. Select Open new account and hit Continue.
6. Enter your city, state or ZIP code and select the branch you’d like to visit. Hit Continue.
7. Select a date and time and hit Continue.
8. Fill out your contact information and click Continue once again.
9. Review the information you provided and hit Schedule it.

What happens at the appointment?

You and the banker will go over the options available to you and get started on the application. This typically takes about 45 minutes.

After you complete and submit the Regions loan application, a loan officer will review it and get back to you with an offer. You have up to 30 days to accept the offer, so you have time to shop around. Once you agree to the terms, review and sign the loan agreement, Regions Bank will transfer it to your bank account.

How do repayments work?

Generally, bank loans come with monthly repayments. You can find out how much you owe and when it’s due on your loan agreement.

If it’s an option, consider signing up for automatic repayments. That way, you won’t need to take the time each month to manually pay back your loan — and won’t accidentally miss any.

See how Regions Bank compares to other lenders by reading our guide to business loans.

Frequently asked questions

Pictures: lending.regions.com