Biz2X, an online business lender service, has teamed up with TAB Bank, a digital bank focused on serving small and medium-sized enterprises (SMEs) based in Utah. Biz2X is a subsidiary of Biz2Credit Inc., a leading online direct lender.
The collaboration aims to enhance and simplify TAB Bank’s business lending decision-making process, as well as broaden the range of options available to its customers. TAB Bank’s President and CEO, Rick Bozzelli, expressed enthusiasm about the partnership, highlighting its potential to help the bank better cater to the needs of SMEs.
In 2022 alone, TAB Bank reportedly provided nearly $25 million in community development loans, investments, and over $100,000 in grants, donations, and contributions. This indicates the bank’s commitment to supporting the growth and development of local businesses.
Randy Allred, the Vice President of SMB Lending at TAB Bank, emphasized the significance of this collaboration, stating that it will significantly expand their services for SMEs while also streamlining their underwriting process. With the partnership, both Biz2X and TAB Bank aim to strengthen their positions in the online lending market and boost their offerings for small businesses.
This strategic alliance between Biz2X and TAB Bank underscores the growing importance of digital banking solutions in providing accessible and efficient financial services to SMEs. With their combined expertise and resources, the two companies are well-positioned to meet the funding needs of small businesses and drive greater economic growth.
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