As a nonprofit community development lender, the Ogden Reinvestment Corporation (ORC)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 and moderate income earners.
The ORC accomplishes this by securing funds from three primary sources to form loan pools and revolving loan funds:
- Federal programs designed to stimulate economic growth such as the CDFI Fund of the Department of Treasury, New Market Tax Credits (NMTC), and the SBA
- Banks focused on community development that provide lower cost capital to ORC, which investments in turn qualify as CRA credits. Risk is spread out in diversifying the bank's portfolio by participating in loans with multiple bank participants (occasionally, "one-off" community investments are offered, depending on the project.
- Private investors and other community-oriented organizations.
As a general rule, eligible borrower businesses must be "unbankable" or be turned down by at least one bank in order to apply for a loan with the ORC.
The Mission of the ORC is to provide financing and resources for community development in the greater Ogden area that will increase the number and quality of livable wage jobs, improve blighted and underutilized property, and enhance living conditions for low to moderate income individuals.