Project Impacts:
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Expanding local small business operations and creating growth opportunities for small businesses
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Creating 100 Full-Time Employment jobs
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Acting as a catalyst for expanding economic activity in the communities that the borrowers serve
PARTNERS:
NCIF: $6.5 million NMTC allocation
CDFI Partner: United Bank of Alabama
Large Banks: US Bank
NCIF/United Bank of Alabama Small Business Loan Pool was created as a partnership between NCIF and United Bank of Alabama (UBA) to provide loans of $2MM or less to UBA customers who meet the NMTC criteria as well as the impact criteria of NCIF and UBA’s Community Development Company. The borrowers benefit from below market interest rates to grow within their communities through renovations of current facilities or equipment, purchase of new facilities or equipment, development of additional facilities, and investment to grow the business’ labor force.
The pool of loans originated at closing includes borrowers located in the cities of Jackson, Minette, Evergreen, Atmore, Foley, and Mobile, Alabama. The initial deployment of funds will allow small businesses in the aforementioned locations to renovate and develop 281,079 sq. ft.
“Through our strong partnership with NCIF, UB Community Development is able to bring financial resources to meet the needs in our local community. We continually see the potential for local business to grow and flourish, but the paucity of flexible capital in our region often inhibits that growth. By, through and with our partners, we can bring resources to bear to achieve powerful results. This was a team effort of NCIF, UBCD, United Bank, and US Bank, the tax credit investor.”
Alex Jones
President of UB Community Development