New Cold Storage Facility in Alabama Secures $10 Million Financing to Boost Local Agriculture

New Cold Storage Facility in Alabama Secures $10 Million Financing

In a significant boost for the local agricultural sector, the UB Community Development (UBCD), a partner of United Bank, has announced the financing of $10 million via New Markets Tax Credits (NMTC) for the establishment of a cutting-edge cold storage and refrigerated logistics facility in Albertville, Alabama. This $40 million project is spearheaded by PermaCold Logistics, an industry leader in cold chain logistics, and is poised to enhance the efficiency and reliability of food distribution across the region.

The Need for Modern Storage Solutions

As the demand for temperature-controlled storage solutions continues to rise, especially in the food and agriculture sector, the construction of a modern cold storage facility becomes paramount. The planned 121,270-square-foot facility, located in the Albertville Industrial Park, will serve as a hub for food producers, processors, and distributors in Northern Alabama, a region renowned for its vibrant poultry production. Having such a facility nearby is expected to streamline operations and bolster the regional food supply chain significantly.

This investment not only addresses the pressing need for cold storage capacity but also enhances the efficiency of local producers by providing them with proximity to major food production and processing operations. Alex Jones, President of UB Community Development, emphasized, "This financing aligns with our mission to support economic development in rural areas, specifically focusing on agricultural businesses, which has been a cornerstone of United Bank's 120-year history."

Economic Impact and Job Creation

The establishment of the cold storage facility is set to create over 50 permanent jobs across various functions, including warehouse operations, logistics, and facility maintenance. Additionally, the project will expand the infrastructure to support the regional food production and distribution network, thus reinforcing one of Alabama's vital economic sectors.

This development marks UB Community Development’s third investment under the NMTC program in the Albertville area. Previously, UBCD has successfully funded projects that assisted local manufacturers in expanding their facilities and improving operations. Furthermore, United Bank has actively participated in enhancing the community by providing financing for affordable housing projects in the Sand Mountain and Marshall County region, totaling $7 million for the construction of 224 housing units.

Commitment to Community Growth

The collaboration between UBCD and PermaCold Logistics epitomizes a commitment to improving rural communities across the Southeast. To date in 2026, UB Community Development has invested approximately $57 million into six projects across the region, which have collectively stimulated $290 million in total capital investment. These projects have created around 417 new jobs and assisted in retaining over 1,700 existing positions in various sectors, showcasing a robust commitment to fostering economic stability.

United Bancorporation of Alabama, through its subsidiaries, strives to be at the forefront of community and economic development in Alabama and beyond. With a keen focus on healthcare, education, manufacturing, and public works, UBCD aims to create positive growth and support the development of regional communities through various funding programs.

In summary, the $10 million financing for the cold storage facility in Albertville isn’t merely an investment in infrastructure; it embodies a future-ready solution designed to meet the evolving needs of the agricultural sector. As this project unfolds, it promises to serve as a linchpin for economic development and community enhancement in Northern Alabama.

For more information about UBCD and its various initiatives, you can visit their official website at UB Community Development.