UB Community Development, a subsidiary of United Bancorporation of Alabama, Inc., Announces $4.4 Million in New Markets Tax Credit Funds to McNeely Plastic Products, Inc.

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Sep 08, 2023, 09:00 ET

ATMORE, Ala., Sept. 8, 2023 /PRNewswire/ -- UB Community Development, LLC (UBCD), a community development partner of United Bank, announced that it provided a $4.5 million Federal New Markets Tax Credit (NMTC) allocation and $4.38 million in Mississippi State NMTC allocations to McNeely Plastic Products, Inc. to go toward construction of a new warehouse and the rehabilitation, expansion and equipping of its existing plastic product manufacturing facility in Clinton, Mississippi. United Bank provided a $17 million source loan while the project received additional NMTC allocations from PB Community Impact Fund, LLC and Cadence Community Capital, LLC.

McNeely Plastic Products is a single source supplier to over 100 companies across a multitude of markets and industries. They manufacture a diverse range of films and bags for food and non-food use. The project will expand the existing facility by 30,000 square feet and add an additional 57,000-square-foot warehouse and distribution facility. The project is anticipated to create approximately 50 direct qualified jobs over the next four years and 84 indirect supplier jobs.

McNeely Plastics promotes sustainability in their products by minimizing production energy, water and air usage. Originally founded in 1983 as a distributor of plastic packaging products, they invested in their own manufacturing facilities in 1996. McNeely has the most advanced blown film extrusion and bag making machinery in the world.

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