OGDEN -- TAB Bank has entered into a new partnership with the Ogden Reinvestment Corporation (ORC) for the purpose of providing small business loans and other financial assistance to low to moderate income borrowers and workers in the greater Ogden area. TAB has joined with other local financial institutions to create a funding pool with which the ORC will use to fund loans. This partnership illustrates TAB's commitment in improving the business environment and living conditions for communities and families in their own backyard.
Formed in 2009, the ORC is a non-profit community development lender that offers loans to start-up and expanding businesses in the greater Ogden area that meet the mission of economic growth, blight reduction, and job creation/retention -- particularly for low to moderate income earners. As a general rule, eligible borrowers must be businesses that are "unbankable" or have been turned down by at least one bank in order to apply for a loan with the ORC.
The ORC recognizes that in order to deliver funds to borrowers in the greater Ogden area it is necessary to rally the community and successful leaders with varied backgrounds. The ORC also strives to surround itself with organizations that have the vision and tools necessary to funnel capital to where it is most needed. "We are very pleased to partner with the ORC in achieving their goals and mission. We are excited for the opportunity to assist them in providing financial tools and resources to businesses that are our neighbors right here in the Ogden area," commented Eric Myers, Director of Marketing and Public Relations for TAB Bank.
TAB Bank was established in 1998 in Ogden, Utah. Originally formed to provide financial services to the transportation industry, today TAB provides working capital facilities to a variety of business sectors while continuing to build on success within the transportation industry. TAB Bank does this through Accounts Receivable Financing, Lines of Credit, Equipment Loans, and Asset Based Loans.