TAB Bank works with new CARES Act PPP loan program for small business funds

 

 

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Curt Queyrouze – TAB Bank President joined Nicea on Good Things Utah today to discuss Tips for small businesses to achieve their financial needs and how TAB Bank can help.

TAB Bank provides people the financial access and insights they need to succeed by advocating for our customers’ success, creating a seamless customer experience, seeing the person beyond the numbers, genuinely caring, and balancing risks, rewards and relationships.

Started in 1998 in Ogden, TAB Bank is a fully digital, online bank, primarily serving small businesses.  We are, and always have been, a completely mobile online solution that makes banking easier and helps provide access to financial services for our customers. More than 20 years later, we are still focused on making our clients happy and watching them succeed.

There are many loans and grants that are available to help small businesses at this time.  Perhaps, the most well known are the PPP (Payment Protection Program) loans that were a part of the recently passed CARES act.  It appears additional funds will be made available soon to continue offering these loans to small businesses so they can keep their employees on the payroll.  Small business owners should contact their bank about application and approval for a PPP loan.  These loans do not exceed $10 million and are for the purpose of giving businesses the ability to continue paying their employees.  In addition to the PPP loans, other grants and loans are available to business owners:

  • EIDL (Economic Injury Disaster Loan) – Up to $2 million, $10k advance upon application, 3.75%/30-year term
  • EIDL Grant – emergency $10,000 cash advance that may be requested during the EIDL loan app process
  • Utah Leads Together Bridge Loan: employees < 50, $5-$20k, 0% for 5 years

We have a tight-knit team that is focused on providing banking solutions to help our customers succeed. In our safe and collaborative environment, we work together to hold one another accountable to constantly better ourselves at home, work, or on the road.

Banking is all about relationships – not transactions. TAB Bank understands that when you win, we win. Therefore, we partner with our clients and work alongside them on a more personalized level than most banks.

TAB Bank provided a few tips if you’re a business owner and you’re trying to navigate this economic environment:

  • Share your story with any lender that will listen. Banks are struggling to keep up with the volume.
  • Be relentless about understanding the timing of completion of your request. Some banks are automated, some are manual.
  • List all fixed payments. Ask for deferrals, particularly from your banks. Banks have been given broad latitude to work with borrowers.
  • Prioritize your bills by criticality, not by who is the loudest.
  • Rethink your business model. What will the new normal look like?
  • Validate credit lines and availability. Make sure non-bank lenders can fulfill their commitments.

Our shared values frame an environment where we achieve our strategic objectives, accomplish our mission, and reach our goals.

Find more information regarding TAB Bank visit them on FacebookTwitter, and Linkedin.

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