BIRMINGHAM, Ala.--(BUSINESS WIRE)--Regions Bank (NYSE:RF) today announced the creation of a $1 billion loan pool to provide economic development capital and spur business growth in the state of Alabama.
Alabama Governor Robert Bentley and Regions Financial President and Chief Executive Officer Grayson Hall introduced the Regions Economic Development Loan Pool today at a news conference held at the Integrated Medical Systems International, Inc. (IMS) facility under renovation in Birmingham’s Sloss Business District. Birmingham Mayor William Bell and IMS Founder and Chief Executive Officer Gene Robinson also participated in the announcement.
“Economic development is truly a partnership. It’s a partnership between state and local developers who work every day recruiting companies,” said Governor Robert Bentley. “I’m excited that Regions Financial is a partner in economic development. This loan pool will help us build on our job creation efforts. And most importantly, it will help put more people back to work.”
The $1 billion Regions Economic Development Loan Pool is earmarked for assisting companies that are growing or expanding in Alabama in 2013. Regions Bank will partner with the Alabama Commerce Department to identify projects that could be candidates for financing and will also work directly with the businesses community to identify eligible projects.
“As Alabama’s largest bank, we are committed to helping other local companies thrive and succeed,” said Grayson Hall, President and Chief Executive Officer, Regions Financial Corporation. “We are fortunate to have robust state and local incentives geared toward economic development, and this loan pool will serve as an additional resource in growing our state’s economy and creating jobs. Access to capital is critical for business development, and Regions is committed to making that capital available.”
Integrated Medical Systems International, Inc. (IMS) is a surgical device management and clinical consulting company headquartered in Birmingham, Alabama and is one example of a home-grown company fueling economic growth and job creation in the state. Since its founding in 1990, IMS has grown from a small business start-up to a surgical device management and clinical consulting company employing more than 1,100 people across the U.S. and serving more than 2,500 healthcare facilities nationwide.
Regions Bank recently provided a $7 million loan to renovate a 55,000-square-foot building adjacent to the company’s current property. IMS has a strategy to double its 2012 revenues of $117 million by 2017. The new operations facility will provide part of the infrastructure necessary to generate this growth. In addition, the City of Birmingham has committed economic development incentives to create the newly designated Sloss Business District, a designation that will improve the walkability and visual appeal of the area surrounding IMS and neighboring businesses. By establishing the Regions Economic Development Loan Pool, Regions Bank intends to identify other companies like IMS seeking to grow or expand in Alabama and provide both the expertise and financing to support that growth.
As Alabama’s only Fortune 500 company and the largest private employer in its headquarters city of Birmingham, Regions has a strong history of providing capital to support business growth. During 2012, Regions provided more than $56 billion in new and renewed loans to businesses and consumers throughout the 16 states the bank serves.
Companies interested in learning more about the Regions Economic Development Loan Pool or applying for financing are encouraged to contact a Regions banker or visit a local branch for a referral.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $121 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, mortgage, and insurance products and services. Regions serves customers in 16 states across the South, Midwest and Texas, and through its subsidiary, Regions Bank, operates approximately 1,700 banking offices and 2,000 ATMs. Additional information about Regions and its full line of products and services can be found at www.regions.com.