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BANKING
• TAB Bank, based in Ogden, has announced it closed more than $67 million in financing in the first quarter for over 230 companies. They included businesses in the transportation, beauty, specialty finance and real estate industries, along with 70 small businesses. Types of financing included factoring, asset-based and equipment loans, small-business lines of credit and real estate loans. The largest deal was $13 million for Capital Foundry, a Pittsburgh-based specialty finance lender providing various debt and credit products to small and middle-market companies. TAB Bank also provided 17 companies, primarily in the transportation industry, term loans and lines of credit ranging from $40,000 to $500,000.
ECONOMIC INDICATORS
• Utah is one of the most tax-friendly states in the U.S., according to a study from BusinessFinancing.co.uk. The research models a hypothetical tech company earning $100,000 in annual profit and calculates the total tax burden using the latest federal and state corporate tax rates. While all U.S. businesses pay the federal corporate tax rate of 21 percent, Utah charges just 4.65 percent for state corporate income tax. That equates to a total bill of $25,700 on a profit of $100,000. Utah is among seven states at 21 percent. The total bill is highest in Minnesota, at 30.8 percent, or $30,800 on a profit of $100,000. South Dakota and Wyoming have no corporate tax; neither do Nevada, Ohio, Texas or Washington, which levy local gross receipts taxes instead. Details are at https://businessfinancing.co.uk/mapping-small-business-tax-rates-around-the-world/.
• If you presented Mom with a handmade gift on Mother’s Day, you did well, according to a survey by Mixbook. It asked Utah mothers to name the most meaningful gift they’ve ever received, and 27.5 percent said a handmade gift. Other high-ranking gifts are a special experience (like a brunch, spa day, or family outing), 21 percent; and a handwritten card or letter (16 percent). Utah’s worst-ranked gifts include weight loss products, cleaning supplies and cookbooks. Details are at https://www.mixbook.com/worst-mothers-day-gifts.
• Salt Lake County is ranked No. 842 on a list of counties that are the most at risk for tornado damage in 2025, compiled by Home Gnome. It used FEMA data and analyzed nearly 950 counties with moderate to very high tornado risk. The most at-risk county is Cook County, Illinois. The No. 946 county is Gloucester County, New Jersey. Details are at https://homegnome.com/blog/studies/counties-most-at-risk-tornado-damage/.
EXPANSIONS
• DoTerra, a Pleasant Grove-based company that produces aromatherapy and essential oils products, has launched its Kazakhstan market, with a grand opening in Almaty at the Palace of the Republic that included a program featuring essential oil education, wellness workshops and interactive experiences designed to showcase the power and versatility of the company’s products.
GRANTS
• Bioparin, a spinout from the University of Utah, has secured a $306,000 Phase I Small Business Technology Transfer grant to scale synthetic heparin production. Heparin is an anticoagulant used in over 12 million patients in medical procedures annually. It currently is facing a fragile supply chain, reliant on pig intestines. STTR grants support small businesses collaborating with research institutions to bring innovative technologies to market. The Bioparin grant will support large-scale heparin biomanufacturing.
INVESTMENTS
• Catalyst Opportunity Funds, a Salt Lake City-based private equity firm focused on real estate investments, has closed Catalyst Opportunity Fund II LP with total capital commitments of $140 million. The close brings Catalyst’s total assets under management to $350 million, representing more than $1.3 billion in project costs across its portfolio. Fund II raised capital from a base of institutional investors, including JPMorganChase, UnitedHealth Group, American Express and KeyBank, as well as foundations, family offices and other capital partners. Catalyst is expanding the nation’s housing stock through ground-up development. Fund II is primarily focused on investing in workforce and affordable housing developments that serve households earning 60 percent to 80 percent of area median income. In addition to housing, Fund II also invests in mixed-use developments and commercial spaces that provide essential services. Fund II has already been deployed into eight real estate investments across strategic U.S. markets. Three are now operational.
• PhotoPharmics, a Salt Lake City-based company focused on specialized light therapy for neurodegenerative diseases, has closed its oversubscribed $6 million Series B extension. The round was led by Kickstart Fund, with participation from current and new investors. The new capital will support the completion of the company’s Phase 3 clinical trial and fund key pre-commercialization initiatives for Celeste, the company’s specialized light therapy device for Parkinson’s disease.
• MedVenture Health, based in Salt Lake City, has announced a rebrand to Wasatch Health. The company said the name “reflects the firm’s strengthened alignment with the Wasatch Group and its broad ecosystem of strategic resources.” Wasatch Health is a healthcare-focused investment firm with an emphasis on medtech, life sciences and specialized supply chain services. It is backed by the resources of the Wasatch Group.
PARTNERSHIPS
• Beehive Meals, a Layton-based meal prep and delivery services company, has announced a collaboration with Clean Monday Meals, a brand known for its clean, wholesome and family-friendly recipes and products. This partnership aims to make mealtime easier, healthier and more accessible for families and individuals. Starting this month, Beehive Meals will feature Clean Monday Meals–inspired freezer meal recipes as part of its monthly rotating menus. It already has begun incorporating Clean Monday Meals’ chicken and beef bouillon into its existing recipes.
PHILANTHROPY
• CommonSpirit Health has provided $208,000 in CommonSpirit Health Equity Advancement grants to five Utah nonprofits who serve vulnerable individuals. Grant recipients are the Asian Association of Utah, Navajo Strong, The Inn Between, Maliheh Free Clinic and Family Promise of Ogden. CommonSpirit Health has more than 2,300 clinics, care sites and 137 hospital-based locations, in addition to its home-based services and virtual care offerings.
• Thousands of employees across the Larry H. Miller Co.’s platforms and businesses participated in the 15th annual Larry H. Miller Week of Service April 21-25. Service projects in six states, including Utah, ranged from making pillows for children in foster care and park beautification efforts. On April 23, members of the Miller family, employees from the Larry H. & Gail Miller Family Foundation, the Larry H. Miller Co., Miller Sports & Entertainment and Real Salt Lake gathered at the Jordan River to clean up debris, remove trash and pull invasive weeds. My Hometown Salt Lake City, a local nonprofit organization, aided in organizing the project. Employees from Real Salt Lake and the Utah Royals participated in various service activities throughout the week, including the Jordan River cleanup, local soccer field restoration and volunteering with The Road Home. Other projects in Utah included preparing ready-made meals for families impacted by breast cancer, assembling hygiene kits for people experiencing homelessness, and making pillows for children in foster care. In other states, employees partnered with local food banks, homeless shelters, schools and more for various service projects.
REAL ESTATE
• A group of association management veterans have launched an association management company in Utah called HOA Love. It will provide association management services to homeowners associations and condominium owner associations in Salt Lake, Utah and Davis counties. It has plans to expand into Wasatch County and Idaho. The company, based in Lehi and Salt Lake City, has partnered with American Momentum Bank to provide enhanced banking services to the communities it serves. The partnership includes access to Vantaca, a leading software and services provider to the community association management industry. HOA Love’s CEO is David Perdue, who previously worked at an association management company that was bought by a large national organization. Others involved are Greg Cronin, a real estate broker, general contractor who has built HOAs, HOA board president and entrepreneurship professor at Utah Valley University; Nate “Shep” Shepardson, who was interested in becoming an entrepreneur and discussions began around starting a management company; and Nancy Davis, a former work colleague of Shepardson.
RECOGNITIONS
• Forty-two Utah companies are on a list of USA Today’s Top Workplaces list for 2025, based on feedback from team members through an independent survey process that measures several aspects of workplace culture, including alignment, execution and connection. For companies with more than 2,500 employees, Utah honorees are No. 4 CHG Healthcare, Midvale; No. 9 Mountain America Credit Union, Sandy; and No. 23 HealthEquity Inc., Draper. For companies with 1,000 to 2,499 employees, the highest-ranked Utah company is No. 36 Health Catalyst Inc., South Jordan. The highest-ranked Utah company with 500 to 999 employees is No. 11 BZI – Building Zone Industries, Kanarraville. The highest-ranked Utah company with 150 to 499 employees is No. 60 Crucial Learning, Provo.
• The expedited claims technology by HealthEquity Inc., a Draper-based health savings account administrator, has been recognized in the 2025 Artificial Intelligence Excellence Awards by the Business Intelligence Group. The awards honor outstanding organizations, products and individuals who have harnessed the power of AI for good to solve real-world problems. HealthEquity won awards for “Innovative AI Products” in the categories of health and automation. The winning product streamlines the health care claims process for those who have access to the tool while delivering faster, more accurate results.
• Several Utahns are on a first-ever list of “Best-in-State CPAs,” compiled by Forbes. The list recognizes accounting professionals who lead with integrity, elevate the profession, and deliver outstanding service to clients and communities, based on peer recommendations, professional accomplishments and ethical leadership. Utahns on the list are Tyler Alleman, partner, Jones Simkins, Logan; Clinton Armstrong, owner, Armstrong CPAs & Advisors, Ogden; Amanda Barrett-Bough, partner, Squire, Orem; Jonyce Bullock, CEO, Squire, Orem; Katina Curtis, partner, Grant Thornton, Salt Lake City; Greg Denning, managing partner, Larson, South Jordan; Mark Erickson, managing partner, Tanner, Salt Lake City; Todd Hafen, shareholder, Hafen, Buckner, Everett & Graff, St. George; Ken Jeppsen, partner, Eide Bailly, Salt Lake City; MK Mortensen, principal, Grant Thornton, Salt Lake City; Mariah Nielsen, partner, Forvis Mazars, Salt Lake City; David Peaden, assurance partner, Eide Bailly, Salt Lake City; David Peterson, managing partner, Haynie, Salt Lake City; Steve Racker, emeritus partner, WSRP Advisory, Salt Lake City; Daniel Rinehart, managing partner, WSRP Advisory, Salt Lake City; and Bob Thomas, managing partner, Jones Simkins, Salt Lake City.
RETAIL
• The Gateway in Salt Lake City has announced outdoor markets and a new, outdoor Sunset Yoga series that takes place on Mondays. The Bohemian Bums Farmers Market takes place the first Sunday of every month, 10 a.m.-3 p.m., and features local organic produce, artisans and eco-conscious vendors. The Market & Craft Fair takes place the third Friday of every month, 4-9 p.m., and involves more than 60 local businesses offering unique products and services. The fair coincides with The Gateway’s Art Stroll, showcasing installations created by local artists throughout Rio Grande Street. The Outdoor Urban Flea Market takes place monthly starting May 18, 10 a.m.-4 p.m., at the Olympic Plaza and along Rio Grande. It features 80-plus vendors offering eclectic and unique vintage and antique finds. Local crafters offer cool handcrafted and upcycled vintage items. The Maker’s Hive Market takes place starting May 25, noon-4 p.m., and features Salt Lake City-based small-business owners of all backgrounds. The market also features live music, local eateries, and more. Sunset Yoga takes place Mondays, 7-8 p.m., starting May 19 at the Olympic Plaza. The free class is led by an instructor from Salt Power Yoga, with live music.
• Tommy’s Express Car Wash, based in Michigan, has opened a location at 309 E. Crossroads Blvd., Saratoga Springs. A two-day grand opening event featured donations and proceeds to benefit Primary Children’s Hospital (serving Utah County). Tommy’s Express has more than 250 franchise locations across the U.S.
