United Bank chosen as lender for largest re-loan program
United Bank of Atmore has been selected to serve as a lender for the new Community Facilities Relending Program, according to Rep. Bradley Byrne’s office.
Byrne said the announcement, which was made today, was from the U.S. Department of Agriculture Rural Development.
The relending program allows USDA Rural Development to make direct loans to community lending institutions who then re-loan the funds to eligible applicants to acquire, maintain, build or renovate essential community facilities, according to a press release from Byrne.
United Bank’s loan totals $40,000,000, which will now be re-loaned to local communities. The program loan is the largest in the United States.
“I applaud the efforts of the United States Department of Agriculture to help our rural communities in Southwest Alabama,” Byrne said in a statement. “These rural communities face many distinct challenges, and this loan program will allow them to make critical investments in infrastructure to improve the quality of life for local residents.
“I’m especially pleased a local bank, United Bank in Atmore, has been selected to serve as the community lending institution, and I look forward to following the impact the program has on Alabama’s rural communities,” he said.
The program targets rural communities with high and persistent poverty rates. Public bodies, community-based nonprofit corporations, and federally recognized tribes are eligible to apply for the loan program. The specific funds will be available to counties in Southwest Alabama and Northwest Florida.
Funds from the loan program can be used on a range of essential community facilities or equipment including healthcare facilities, town halls, courthouses, childcare centers, fire departments, police vehicles, libraries, food pantries, and more.