Marlin Business Services Corp., a New Jersey-based equipment leasing solutions provider, announced Friday that it has applied for a Utah industrial bank charter.

The company said it has submitted applications to the Utah Department of Financial Institutions and the Federal Deposit Insurance Corp. If approved, it will operate as Marlin Business Bank.

Marlin said in a statement that operating an industrial bank will allow the company to grow assets, expand funding sources and lower its cost of borrowing.

Marlin expects the regulatory review and approval process will take up to nine months to complete.