UB Community Development, a subsidiary of United Bancorporation of Alabama, Inc., Announces $10 Million in New Markets Tax Credit for ECORE International, Inc.

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Sep 26, 2023, 07:00 ET

ATMORE, Ala., Sept. 26, 2023 /PRNewswire/ -- UB Community Development, LLC (UBCD), a community development partner of United Bank, announced it provided a $10 million Federal New Markets Tax Credit (NMTC) for ECORE International, Inc. to finance the rehabilitation and equipping of a 225,000-square-foot manufacturing facility located in Ozark, Alabama.

"We appreciate UBCD's mission to invest in their communities. We believe when our people and our communities prosper, we prosper," said Art Dodge, ECORE CEO. "We are pleased to establish this world-class facility in Ozark, Alabama."

ECORE International is the leader in the collection of scrap tire rubber and the upcycling of that rubber into high-performance surfaces such as fitness, sports, recreation and commercial flooring, playgrounds, athletic fields, and insulation products. ECORE serves customers in construction, commercial, industrial, leisure and sports products industries. The Ozark location will source used truck tires and then process them through the facility as raw material. The recycled rubber will be used to manufacture high quality components. It will also serve as the distribution point for manufactured material for customers in the Southern United States.

"In 2018, Jeld Wen Windows and Doors closed their Ozark plant laying off 80 employees. Five years later ECORE is hiring 75 employees to repurpose the shuttered facility. During our site visit, we met employees who worked at the prior facility. Reopening that facility and bringing members of the community back to work is core to our mission!" stated Alex Jones, President of UBCD.

ECORE's commitment to sustainability for the environment means their manufacturing process has virtually no waste. Scrap used tire material is collected and recycled multiple times without degrading. ECORE International, Inc. is headquartered in Lancaster, Pennsylvania. Once complete, the project is expected to create 75 local jobs.

About UB Community Development
UB Community Development's strong history and experience in New Markets Tax Credit transactions, coupled with our passion for improving the communities around us, 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, affordable housing and more. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.

SOURCE United Bancorporation