$40 Million from USDA for Community Reinvestment Opportunities
United Bank is the only Alabama Bank selected to provide funds for community facilities projects in rural areas.
Atmore, Ala. - The United States Department of Agriculture (USDA) and United Bank announced a $40 million relending program designed to provide long-term, low-cost financing for the construction, acquisition, maintenance or renovation of essential community facilities in rural areas. Under the Community Facilities (CF) Direct Loan program, funds are provided to community development financial institutions (CDFIs) to re-lend for eligible projects. Public bodies, non-profit organizations and federally recognized American Indian Tribes can use the funds to construct, expand or improve facilities that provide health care, education, public safety and public services.
"We are proud and excited to have the support of the USDA and to be recognized with this allocation based on our track record of community and economic development," said Robert R. Jones, III, United Bank President and CEO. "As a community bank and CDFI, we look forward to working with the USDA and with our borrowers to positively impact students, seniors, neighbors and local residents in eligible communities."
United Bank's $40 million allocation represents roughly 10 percent of the $401 million in CF funds awarded to 26 community lenders and CDFIs across the U.S. Unlike United Bank's traditional lending programs focused on the bank's local markets, United Bank's CF funds can be used to facilitate projects across the region provided they meet USDA eligibility guidelines. Projects include fire and rescue stations, village and town halls, hospitals, adult and child care centers, assisted living facilities, public buildings, libraries, schools and many other community based initiatives. Financing may also cover costs for land acquisition, professional fees and purchase of equipment.
Senior Vice President/Ag Lender Alex Jones will facilitate United Bank's USDA CF lending program. He can be reached at (251) 446-6017 or via email at alex.jones@unitedbank.com. To learn more about the USDA CF Relending Program visit http://www.rd.usda.gov/programs-services/community-facilities-direct-loan-grant-program.