UB Community Development & National Community Investment Fund Announce $6.5 Million in New Markets Tax Credit Loan & Investment Fund for Local Nonprofit & Small Businesses.

Atmore, AL – UB Community Development, LLC (UBCD), a community development partner of United Bank, and National Community Investment Fund (NCIF) announce $6.5 million in New Markets Tax Credit (NMTC) funding for a loan and investment fund. The fund and its management are part of a collaboration of resources from UBCD & NCIF to fund local nonprofits and small businesses. This partnership marks the third project between UBCD & NCIF.

“NCIF invests in and lends with Network Bank Partners like United Bank to create impact in their local markets,” said Terry Burm, Senior Vice President of NCIF. “We invested equity into United Bank in 2019 and we continue to build this partnership to support their borrowers and create economic activity and job growth in the communities they serve.”

The $6.5 million loan and investment fund supported renovation and growth for four small businesses and one nonprofit. The fund created and maintained over 217 jobs through the deployment of more than $8 million in capital investments and expansion.

“Through our strong partnership with NCIF, UB Community Development is able to bring financial resources to meet the needs in our local community,” said Alex Jones, President of UB Community Development. “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. Terry Burm of NCIF asked me if I could put $6.5M to work in rural and severely distressed communities, and without hesitation I said, “Of course we can.” This was a team effort of NCIF, UBCD, United Bank, and US Bank, the tax credit investor. All parties including legal counsel and Baker Tilly, tax credit accountants, pulled together to make the fund happen.”

Local timber company, Owassa Holdings, LLC, owned and operated by Ziebach & Webb Timber Co., Inc, received $2 million of the fund for renovation of their $3.4 million timber operation in Owassa, AL. This wood yard specializes in debarking and treating timber for international export. Originally Dixie Chips Mill, this operation closed in 2004 and the company purchased the mill in 2017. They began a complete overhaul and update of the facility, installing a debarking line and container loading facility. In March 2019, the company commenced operations of the new debarking line and is now in full production. Employing 6 full-time employees, this project is projected to create 4 additional full-time onsite jobs, and 10-15 jobs for drivers.

A local general contractor received $563,000 for the construction of a restaurant and planned retail or office space. The 2,300-square-foot restaurant has already hired 10 full-time employees with an anticipated 20 additional employees once operations commence. These funds will also support the development of an adjoining outparcel for a planned additional retail/office development. This project is a transformational undertaking for a rural and impoverished Alabama community.

Through its real estate holding affiliate, DDHMS Associates, LLC, Holland Industrial Services, Inc. participated in the fund for $408,000 of a total project cost exceeding $1,075,000. Since 1992, Holland Industrial Services has specialized in preventative maintenance, testing, sales and repair of industrial and commercial electrical distribution equipment. The company operates out of an 11,000-square-foot facility in Bay Minette. Currently, Holland employs 25 full-time employees and anticipates the creation of at least 6 new full-time jobs over the next 3 to 5 years. As a result of the company’s experience and knowledge of the industry, management anticipates additional market expansion and continued growth.

A developer received $1.53 million to open a new Popeye’s Restaurant in Jackson, Alabama. This 2,100- square-foot project is expected to create fifteen full-time jobs. The restaurant will be green globe certified for its environmentally sustainable design built with energy efficient lighting and utilities. Located on Highway 43, the addition of this successful franchise to a highly visible traffic thoroughfare will provide new full-time jobs and a convenient accessible restaurant for the local community and travelers, in addition to new tax revenue to the city.

YMCA of South Alabama received $2 million in financing. With 5 locations serving Baldwin & Mobile County, this mission driven nonprofit brings meaningful change to individuals and communities served. Currently employing 20 full-time employees and 400 part-time, the YMCA has three main areas of focus including youth development, healthy living and social responsibility. With more than 22,652 members and a childcare serving more than 600, this organization is helping individuals reach their full potential.

For more information about UB Community Development or for assistance with funding or structuring your next project, contact Alex Jones, President, UB Community Development at (251) 446-6017 or email

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About United Bank
United Bank is a $733,000,000 financial institution that has enjoyed 116 years of continuous service to Atmore, Alabama and surrounding communities. United Bank has offices in Atmore, Brewton, East Brewton, Flomaton, Monroeville, Frisco City, Bay Minette, Foley, Lillian, Loxley, Magnolia Springs, Silver Hill, Spanish Fort, Daphne, Summerdale and Semmes 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 Member FDIC.

About UB Community Development
UB Community Development’s strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving communities, make UBCD Alabama’s premier financial partner for economic and community development. Through our NMTC projects, Community Facilities Lending Program and Community Housing Capital Fund, 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

About NCIF
National Community Investment Fund (NCIF; is an impact investor and national nonprofit Community Development Financial Institution (CDFI) formed in 1996 with a mission to increase access to responsible financial products and services in underserved communities. NCIF is the largest investor in CDFI banks with investments in 18 institutions. NCIF achieves its mission via investing capital in CDFI and Minority Banks, deploying New Markets Tax Credits to support customers of our partner banks and lending to enhance the flow of capital to these communities. NCIF investing and lending activities have a foundational Theory of Change supported by impact measurement.

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