UB Community Development, LLC, announces $6 Million in New Market Tax Credit Funding and 75 Jobs for Expansion of Sweet Brew’s Existing Operations.
December 10, 2018 – Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, announced today $6MM New Market Tax Credit (NMTC) funding for the construction of a new facility for Southern Visions, LLP, manufacturers of the Sweet Brew line of fresh brewed tea products. The company is currently based in Loxley, Alabama.
Sweet Brew sells and distributes a patented system for brewing tea, flavored tea, and lemonade drinks for commercial settings. The company has a national distribution network, and offers custom solutions for restaurants, hospitals, convenience stores, large franchise chains, and entertainment venues. Sweetened tea is currently the fastest growing beverage in the tea category in the U.S.
The new Southern Visions facility will be located in Bay Minette, Alabama. The project received a $6MM NMTC allocation from UBCD. The total square feet of the real estate that will be leased by the NMTC Beneficiary is 111,180 square feet which includes 106,428 square feet of manufacturing/industrial space and 4,752 square feet of office space.
“The NMTC investment provided additional capital funding that allows us to completely build the infrastructure for 3-5 years out, instead of building it over phases, said Paul Stewart, President and co-founder of Southern Visions. “This additional capital will allow us to expand our output, create more jobs, and positively impacting the health of our company. We are thrilled to be a driver for robust job creation and economic activity in Bay Minette and north Baldwin County,” said Stewart.
The predevelopment and construction associated with the development of the project is expected to create 86 direct, full-time construction jobs with an estimated 75 permanent jobs retained and created by late 2019, when the project is projected to be stabilized and fully operational.
Additionally, in conjunction with the project, several contributions to local charities and non-profits will be made to further the organization’s mission.
In 2016, United Bancorporation of Alabama became the only CDE headquartered in Alabama to receive a New Market Tax Credit allocation. This $6MM allocation was made possible because of United Bank’s designation as a Community Development Financial Institution (CDFI) and UBCD’s designation as a Community Development Entity (CDE) with a mission to bring economic vitality to rural and low-to-moderate income areas. In 2017, following the successful management and deployment of more than $90MM of New Market Tax Credit funding, UBCD was awarded an additional allocation of $55MM in New Market Tax Credits. This allocation further validates our team’s extensive expertise and passion to bring community oriented economic development projects to qualifying areas.
For more information about UB Community Development or for help in planning your next funding project, contact Joe Raines, Senior Vice President of UB Community Development at (205) 314-5790 or email joe.raines@unitedbank.com.
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About United Bank
United Bank is a $631,000,000 financial institution that has enjoyed 115 years of service. United Bank has offices in Atmore, Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silverhill, Spanish Fort and Summerdale in Alabama. United Bank serves Santa Rosa County, Florida in Jay, Milton and Pace. For more information about United Bank, please visit our website at www.UnitedBank.com. Member FDIC.
About UB Community Development
UB Community Development’s strong history as an experienced leverage lender in New Market Tax Credit transactions, coupled with our passion for improving the communities around us, make UBCD Alabama’s premier financial partner for rural economic and community development. Through our NMTC projects and Community Facilities Lending Program, UBCD is working with community development partners in the fields of healthcare, education, manufacturing public works and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com
About Southern Visions
Southern Visions manufactures, sells, and nationally distributes a patented system for brewing sweet tea and lemonade in commercial settings including hospitals, restaurants, offices, convenience stores, large franchise chains, and entertainment venues. The Sweet Brew system including a patented pouch combining tea and pure cane sugar or our pure cane sugar sweetened lemonade blend to brew sweet teas and lemonade perfectly every time. Sweet tea is currently the fastest growing beverage category in the U.S. Sweet Brew is a registered trademark of Southern Visions, LLP. Learn more at www.SweetBrewTea.com
