Digitally-enabled small business lender Fundation has partnered with Community Development Financial Institution (CDFI) TruFund and Regions Bank to provide small loans to underserved small businesses.
The union of a CDFI, fintech and regional bank will allow small businesses often not eligible for traditional funding to apply for financing. The period from application to funding is as little as two days.
Regions Bank will provide capital to both TruFund and borrowers. Their EVP of commercial banking has complete faith in both partners.
“Regions has worked with both TruFund and Fundation in the past, and bringing these two organizations together is a natural fit,” Joe DiNicolantonio said.
“This unique partnership will provide small business owners with an affordable course of microloan capital,” TruFund president James H. Bason said. “The way small businesses borrow money is being transformed, with faster and easier ways to access credit, and TruFund is proud to have worked with Regions Bank and Fundation to find an innovative solution that supports economic growth and increases access to credit in the small business community.”