United Bankshares Fuels East Alabama Workforce Development with $7 Million Funding Initiative

United Bankshares Drives Workforce Development with New Funding for East Alabama Hub

United Bankshares' community development partner, UB Community Development, LLC (UBCD), takes a significant step towards enhancing workforce development in East Alabama by securing $7 million in New Markets Tax Credit (NMTC) financing. This funding is earmarked for the East Alabama Rural Innovation and Training Hub (EARTH), a transformative initiative designed to invigorate the local economy and address pressing workforce needs. The project will involve the renovation of a 125,000-square-foot facility, which is set to house the administrative and programming offices for the Sylacauga Alliance for Family Enhancement (SAFE). In addition to office space, the facility will accommodate small business incubation and community events, creating a vibrant environment for economic growth.

The EARTH project emerges as a vital response to the economic challenges faced by the region following the closure of Avondale Mills in 2006, which resulted in significant job losses for over 4,000 workers. UBCD recognizes the urgent need for revitalization in former textile communities, a sentiment echoed by Alex Jones, President of UBCD. By fostering partnerships and securing resources like the NMTC financing, UBCD aims to create pathways for individuals to develop skills and secure employment in high-demand sectors, including healthcare, hospitality, technology, and agriculture. Upon completion, SAFE anticipates serving approximately 11,000 individuals annually and generating or retaining around 350 direct jobs, thus contributing to a more robust local economy.

In addition to its immediate economic impact, the EARTH project has garnered recognition as Alabama's Region 2 STEM Ecosystem Network Hub by the Alabama STEM Council. This designation highlights the project's commitment to nurturing a skilled workforce through diverse training opportunities, including programs in aviation and cybersecurity. UBCD's dedication to community development is further demonstrated through its various programs, such as the Community Facilities Lending Program and the Community Housing Capital Fund, all aimed at fostering economic growth and enhancing the quality of life for residents in the region.

In a broader context, the collaboration between UBCD and SAFE exemplifies the potential of community-focused initiatives to drive local economic revitalization. As UBCD continues to champion projects like EARTH, it reinforces its mission to empower communities and create sustainable opportunities for growth and development across East Alabama. For more information about UBCD and its initiatives, visit www.UBCommunityDevelopment.com.