AP News

Regions Bank expanding job creation loan pool

BIRMINGHAM, Ala. (AP) — Birmingham-based Regions Bank is expanding a loan program designed to create jobs in Alabama.

Regions earmarked $1 billon for its Alabama Economic Development Loan Pool last year to help foster job growth in Alabama. It ended up loaning more than $1.3 billion, which was tied to about 2,000 new jobs. The bank announced Tuesday it is allocating $1.5 billion for the loan pool this year.

Gov. Robert Bentley says he appreciates Regions' commitment to job creation.

The bank says one of the loan pool's major projects was $6 million for the Dothan-Houston County Airport Authority. It used the money to renovate a hangar for Commercial Jet to locate in the southeast Alabama county. Commercial Jet is supposed to create an estimated 500 jobs by 2017.

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