United Bankshares Funds $35M Alfalfa Pellet Plant, Creating 62 Jobs in Southeast

United Bankshares backs Southeast’s first alfalfa pellet plant

UB Community Development (UBCD), the community development affiliate of United Bankshares, is financing a $35 million facility for BioActive Forages in Madison County, Florida, using a $9 million New Markets Tax Credit allocation to support construction of a 57,000-square-foot pelletizing plant. The facility will produce pellets from alfalfa, perennial peanut and sericea lespedeza for equestrian and ruminant feed, and BioActive Forages is set to become the first producer of alfalfa pellets in the U.S. Southeast. The company is led by founder R. Greg Stewart, a veterinarian and academic with nearly 40 years of experience, alongside finance partner Aaron Nowak.

United Bankshares’ community development arm frames the deal as a rural economic development project with agricultural impact. UBCD President Alex Jones says the financing advances both job creation and farm economics while aligning with United Bankshares’ more than 120-year history of supporting rural communities and agriculture. The project is expected to create 62 permanent full-time jobs and incorporates employee training through partnerships with regional universities, community colleges and workforce development agencies.

The bank-led financing is positioned to deliver wider regional benefits beyond employment. UBCD and United Bankshares highlight expected increases in local procurement and tax revenues for Madison County, stronger supply chains for livestock and equine operations, and opportunities for university research collaborations on forage-based rotations. The financing structure leans on UBCD’s experience with NMTC transactions; the organization says it will monitor outcomes and report on job creation, training completion and community impact metrics over the next five years.

Community finance tools target broader regional needs

UBCD, which is headquartered in Atmore, Alabama, points to its Community Facilities Lending Program and Community Housing Capital Fund as complementary tools for driving growth in healthcare, education, manufacturing, public works and affordable housing across its footprint. The group presents the BioActive Forages deal as an example of using federal tax credit programs to seed rural manufacturing and agri-business.

Industry stakeholders also underscore environmental and agricultural benefits. By promoting legume-based rotations and local pelletized feed production, the project aims to improve soil health, support farmer incomes and preserve grass-fed and regional-supply designations for livestock producers while strengthening local food and feed supply chains.