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BANKING
- TAB Bank, based in Ogden, has closed a $5 million lender finance facility with an undisclosed Nevada-based company specializing in factoring financing for farmers, agricultural businesses and fresh produce exporters in Mexico. The move enables the agriculture finance company to expand its operations and empower small- to mid-size growers globally by supporting their funding needs. Built by growers for growers, the company provides a financial solution tailored to the next generation of agricultural businesses. The platform bridges payment cycles spanning 30 to 90 days by advancing up to 96 percent of a grower’s sales within 24 hours.
CORPORATE
- Waystar Holding Corp., a health care payments software company headquartered in Lehi and Kentucky, has announced the pricing of its underwritten public offering of 20 million shares of its common stock by certain investment funds of EQT AB and Bain Capital LP and Canada Pension Plan Investment Board, and their respective affiliates, at a price to the public of $40 per share. Additionally, the selling stockholders have granted the underwriters a 30-day option to purchase up to 3 million additional shares of common stock. Waystar is not selling any shares and will not receive any proceeds from the sale of shares in the offering by the selling stockholders. The offering was expected to close on or Feb. 24. The offering is being made through an underwriting group led by J.P. Morgan, Goldman Sachs & Co. LLC, and Barclays, who are acting as joint lead book-running managers and as representatives of the underwriters for the offering. William Blair, Evercore ISI, BofA Securities, RBC Capital Markets, Jefferies and Deutsche Bank Securities are acting as joint bookrunners for the offering. Canaccord Genuity and Raymond Jamesare acting as co-managers for the offering.
DIVIDENDS
- The board of directors of Extra Space Storage Inc., based in Salt Lake City, has declared a first-quarter 2025 dividend of $1.62 per share on the common stock of the company. The dividend is payable March 31 to stockholders of record March 14. Extra Space is a real estate investment trust that owns and/or operates 4,011 self-storage properties. It is the largest operator of self-storage properties in the United States.
ECONOMIC INDICATORS
- Utah is ranked No. 1 on a list of “least expensive states to start a business in 2025,” compiled by SimplifyLLC. It used the most recent data from the Bureau of Labor Statistics, Federal Reserve of St. Louis, Tax Foundation, Energy Information Administration and others, with the ranking determined by analyzing nine factors, including taxes, business filing fees, commercial rent and utilities, labor costs, regulations, and small-business lending. The study said Utah excels with a second-ranked SBA lending rate of $15.4 million per 100,000 residents and a No. 4 labor force participation of 68.3 percent, which supports robust hiring and growth for new ventures. Its LLC filing fee No. 11 at $59, its corporate income tax is No. 14 at 4.65 percent, its wages are No. 25 at an average $63,854, and electricity costs are No. 26 at $663.34. The most expensive state to start a business is California.
- Three Utah locations are on a list of the “most coveted creative communities” in the U.S., compiled by Brotherly Love Real Estate and based on a survey. They are No. 36 Sugar House in Salt Lake City, No. 47 Park City and No. 52 9th and 9th in Salt Lake City. Brotherly Love said the creative locations are hubs where artistic expression, innovation and cultural vibrancy thrive. The top-ranked location is the Downtown Arts District in Las Vegas. Details are at https://brotherlyloveproperties.com/survey-reveals-the-most-creative-neighborhoods-in-america-of-2025/.
- Ogden, at No. 149, is the highest-ranked Utah location on a list of “most expensive cities to heat a home in winter,” compiled by Home Grome. Salt Lake City is No. 219. The lowest-ranked Utah city is No. 340 South Jordan. The most-expensive city is Cleveland. The least-expensive is Los Angeles. Details are at https://homegnome.com/blog/studies/most-expensive-cities-heat-home-winter/.
- West Valley City is ranked No. 71 and Salt Lake City is No. 168 on a list of “most vulnerable cities for house fires,” compiled by Home Gnome. It compared the 200 biggest U.S. cities based on five categories measuring fire safety, including home fire risk, access to career and volunteer firefighters, and the percentage of homes using gas for heating. The most vulnerable city is Pomona, California. The least vulnerable is Sacramento. Details are at https://homegnome.com/blog/studies/most-vulnerable-cities-for-house-fires/.
EDUCATION/TRAINING
- The “Everyday Entrepreneur Program,” organized by The Mill Entrepreneurship Center at Salt Lake Community College, starts April 8. It is a 10-week program on Tuesdays, with the first gathering at South Salt Lake Community Center, 2530 S. 500 E., South Salt Lake. Applications are being accepted until April 1. Details are at https://themillatslcc.com/education/everyday-entrepreneur-program/.
GOVERNMENT
- The Salt Lake City Council recently approved a $100,000 Economic Development Loan Fund loan for The Goat Head, a restaurant at 702 S. 300 E. The company will use the loan for equipment, tenant improvements ahead of its opening. Its menu will feature options highlighting vegan and vegetarian specialties. The city said the restaurant will re-activate a prominent corner impacted by the COVID pandemic. The EDLF aims to stimulate business development and expansion, create employment opportunities, encourage private investment, promote economic growth, and enhance neighborhood vitality and commercial enterprise in Salt Lake City by making loans available to businesses.
INVESTMENTS
- Chris Gibson, co-founder and CEO of Recursion, a Salt Lake City-based clinical-stage techbio company, and serial biotech entrepreneur David Bearss have launched a pre-seed venture fund called the Altitude Lab Pre-seed Venture Fund. The launch is prompted by the Trump administration’s imposed limits on the National Institutes of Health on specific types of funding it provides to research institutions. The new fund aims to invest $100,000 to $250,000 in 10 to 15 biotech companies. Startups that were qualified for Small Business Innovation Research grants from the NIH are invited to apply to the fund. The fund will be managed by Altitude Lab, a Salt Lake City-based, nonprofit, life sciences accelerator that Recursion established five years ago. The startups will receive 12 months of office and lab space at Altitude Lab’s facilities.
- Altitude Lab, a Salt Lake City-based accelerator program focused on early-stage life science and health care companies, has announced that its incubating startups have raised a total of $154 million in early-stage funding since its launch in 2020. Founded by Recursion, Altitude Lab supports life science entrepreneurs in Utah by providing fully equipped laboratories, access to investors, business operations education, and a collaborative founder community.
MANUFACTURING
- Sauer Compressors USA Inc., a Maryland-based provider of high-pressure compressor solutions, has announced it will establish a new satellite facility in Cache Valley. The company said the move aims to enhance the company’s operational capacities, extend its market reach with a focus on rentals, and support long-term growth in the high-pressure compressor industry. The development of the satellite location is underway, with plans to begin operations within the next few months, the company said. Sauer said it will hire local professionals with industry experience and foster talent development by engaging with Utah State University and Bridgerland Technical College to recruit highly qualified people interested in pursuing careers in the high-pressure compressor sector. Sauer USA, a member of the Global Sauer Compressors Group, based in Kiel, Germany, specializes in the manufacture of medium and high-pressure air and gas compressors and compressor systems for naval, commercial maritime, offshore, research and development, and industrial applications.
MILESTONES
- CBC Mortgage Agency, a South Jordan-based Native American wholly owned and federally chartered housing finance agency, has financed 50,000 home-purchase transactions since it opened for business in 2013. CBC acquires FHA and second mortgages for down payment assistance from local lenders across the country. CBCMA said it has helped those families achieve homeownership through its down payment assistance (DPA) program. The majority of families served by CBCMA’s Chenoa Fund are first-time homebuyers, minority homebuyers and low-income households, many of whom are first-generation homeowners. Through the fund, CBCMA provides both repayable and forgivable second mortgages to help families overcome the initial financial barrier of purchasing a home. The company began providing DPA services in 2013 through funding from its parent, Cedar Band Corp., a federally chartered tribal corporation founded by the Cedar Band of Paiute Indians. The DPA program has empowered families in 49 states to purchase homes. CBCMA’s financial literacy and counseling services also have played a critical role in ensuring long-term success for new homeowners.
NONPROFITS
- Sutherland Institute, a Salt Lake City-based nonpartisan policy and educational institution that informs the public and policymakers, has joined the Alliance for Opportunity, a coalition of state think tanks dedicated to advancing upward mobility and reducing poverty. Sutherland said its Work & Opportunity Initiative will be a key area of alignment and collaboration with the alliance in pursuit of policy reforms at the state and federal levels. Sutherland joins the coalition along with a select group of other state-based policy organizations from across the country working together to improve upward mobility. Sutherland said the partnership will enhance its collaboration with like-minded state-based policy organizations that share a commitment to improving opportunity for everyone.
PARTNERSHIPS
- Lendio, a Lehi-based small-business lending marketplace, and Payro Finance, a business finance company serving small and medium-sized businesses, have announced a partnership to expand Payro’s financing options. Through the collaboration, Payro clients will have access to Lendio’s embedded loan marketplace, adding a broader range of capital solutions to support business growth.
- TruHearing, a Draper-based hearing health company, has partnered with Shoebox, a designer and manufacturer of software-based hearing testing and screening devices, with the collaboration aiming to fill a gap in hearing health care. The partnership enhances support throughout the entire hearing care journey, from prevention to treatment. The program provides access to Shoebox’s advanced hearing screening technology to assess and monitor the hearing health, in addition to affordable hearing aids offered through TruHearing.
REAL ESTATE
- Colliers has announced the sale-leaseback of 105,962-square-foot Class A manufacturing facility at 3510 W. Directors Row, Salt Lake City. Flynn Roofing, North America’s largest building envelope contractor, has entered into a long-term leaseback agreement to continue operations at the site. Colliers represented both the seller and the buyer in the transaction. Colliers’ West Industrial Capital Markets Team, composed of Vice Chair Michael Kendall, Senior Vice President Gian Bruno, Vice President Kenny Patricia and Associate Kylie Jones, led the disposition and acquisition process. Vice Chairs Tom Freeman and Travis Healey and Executive Vice President Jeremy Jensen provided local market expertise along with Vice Chair Grant Lammersen. This deal marks a milestone for the West Industrial Capital Markets Team as its first completed transaction in Utah.
RECOGNITIONS
- BioHive, an organization dedicated to fostering innovation and growth in the life sciences and health care innovation industry, recently presented a series of industry awards recognizing individuals and companies contributing to the success of the life sciences industry in Utah. The recipients are University Student of the Year, Henry Crandall, University of Utah Ph.D. candidate; Rookie of the Year, Chad Pollard, Wasatch BioLabs; Community Partner of the Year, Intermountain Health; Storyteller of the Year, Katherine Matsumoto, Recursion; Community Impact Award, ARUP Laboratories; Patient Advocate of the Year, Blackrock Neurotech; Customer Advocate of the Year, Ryan Grassley and Sam Durst, Extreme Motus; Mentor of the Year, Mark Szczepanski, Myriad Genetics; Ecosystem Excellence Award, Altitude Lab; Women in Technology and Science Leadership Award, Seek Labs; People First Award, Denali Therapeutics; Researcher of the Year, Nusano; Innovation of the Year: Biofire Spotfire respiratory/sore throat panel, bioMérieux; and Visionary of the Year, David Bearss, Halia Therapeutics.
- Awardco, a Provo-based employee recognition and rewards company, is ranked No. 20 on a list of Top 100 Best Software Products of 2025, compiled by G2. The company also finished in the top 100 in the software categories of Best HR Software Products, Highest Customer Satisfaction Products and Best Software for Mid-Market Businesses. G2’s annual software awards recognize products that offer outstanding customer satisfaction, market presence, and innovation, based on feedback from users.
- Clark Planetarium in Salt Lake City is ranked No. 9 on a list of the “10 Best Planetariums in the Country”by the readers of USA Today. Clark Planetarium was celebrated for its interactive exhibits, immersive dome theater experiences, and commitment to science education.
RETAIL
- Bella’s Market has broken ground at 875 N. Main St., in Vineyard, part of the Utah City development. The grocery store will be one of the first amenities to Utah City, the 700-acre mixed-use masterplan community on the eastern shore of Utah Lake. The store will occupy 40,000 square feet. Architecture firm RDC is leading the design for Bella’s Market with the interior design firm DyeLot. Construction, led by Flagborough, the developers behind Utah City, is progressing on schedule. Completion is expected by year-end. Through operating partner Lee’s Marketplace, Bella’s Market is a member of the cooperative Associated Foods Stores.
SPORTS
- X Games has announced that its sports festival will take place June 27-29 in Salt Lake City with Moto X, BMX and skateboarding competitions at the Utah State Fairpark and Event Center. The center is partnering with Salt Lake County to host X Games Salt Lake City 2025. The Salt Lake City events are part of a three-city schedule this year, with others in Sacramento and Osaka, Japan. The more than 100 athletes in Salt Lake City will compete for over $1 million in prize money.
