#USA #United Bank #Atmore #Community Development #NMTC

United Bank's Recent Achievement: Eighth New Markets Tax Credit Allocation

United Bank proudly announces that it has received a significant boost for its community development efforts with an award of $75 million from the New Markets Tax Credit (NMTC) program. This allocation, granted by the U.S. Department of the Treasury through its UB Community Development entity, marks the eighth time that the bank has successfully secured funding under this program. The total allocations received now amount to an impressive $500 million, demonstrating United Bank’s unwavering commitment to fostering economic growth in underserved communities in Alabama, Mississippi, and Northwest Florida.

A Commitment to Community and Economic Vitality

In making this announcement, United Bank expressed sincere gratitude towards the CDFI Fund, which continues to back its initiatives aimed at uplifting economically distressed regions. Alex Jones, Executive Vice President of United Bank and President of UB Community Development, stated, “Our focus is on funding small businesses and larger operating enterprises and non-profits that create and retain quality, accessible jobs in low-income communities and critical community services such as health care.” This effort is particularly vital in predominantly rural areas where economic development opportunities are frequently limited.

The bank’s strategy centers on providing financial support that encourages small business growth and expansion, enhances domestic manufacturing capabilities, and ultimately creates jobs. Moreover, the investments leverage vital community health infrastructure, expanding access to necessary services, especially in healthcare, where needs are acute.

Understanding the New Markets Tax Credit Program

Established by Congress in 2000, the NMTC program aims to stimulate private investment in low-income urban and rural communities that are often overlooked by traditional financing. Through the NMTC, investors receive a federal tax credit totaling 39 percent, which is distributed over seven years. The main objective is to attract capital to economically distressed areas, thereby facilitating business creation, job generation, and sustainability of robust local economies.

United Bank's recognition as a Community Development Financial Institution (CDFI) by the U.S. Treasury underscores its dedication to community-centered financial services. This designation is a testament to the bank’s efforts to go beyond the ordinary, providing extensive resources and initiatives aimed at financial literacy, credit building, and enhancing homebuyer assistance. The endeavor to support small business lending continues to be a cornerstone of United Bank’s strategy, amplifying its role in community revitalization.

Looking Forward: Continuous Support for Low-Income Communities

As the bank moves forward, it emphasizes that the real measure of success lies in the impact of its investments in the community. “The CDFI Fund's continued support of our mission not only acknowledges our capacity to work with distressed communities, but it also gives us the resources necessary to meet their diverse needs,” added Jones.

United Bank operates with a vision towards driving positive change in its coverage areas, implementing initiatives that support small business growth and create significantly needed job opportunities. The latest NMTC allocation is just one piece of a larger effort to empower communities and elevate the quality of life for residents.

In sum, with a solid foundation built on trust, community relations, and prudent financial strategies, United Bank continues to pave the way for socioeconomic development, enhancing the fabric of the communities it serves. For more information about United Bank and its initiatives, one can visit www.unitedbank.com or www.ubcommunitydevelopment.com.