Bar Pole and Piling Revives Mississippi Mill Using New Markets Tax Credit Funding from UB Community Development; Creates 20 New Full-Time Jobs
QUITMAN, Miss., June 25, 2024 /PRNewswire/ -- UB Community Development, LLC (UBCD), a community development partner of United Bank, was pleased to provide a combined $10 million in Federal and Mississippi New Markets Tax Credit (NMTC) funding to aid in construction of a utility pole mill in Quitman, Mississippi.
Bar Pole and Piling, LLC purchased the site of the former Bazor Lumber Co. sawmill in Spring of 2023. The site spans approximately 40 acres and includes a rail spur and switch. Once construction is complete, the new BP&P facility will include office space, a scale house and maintenance building, as well as new technology and equipment that detects defects in logs prior to being processed into poles. The poles will then be sold to pressure treatment plants. Upon reaching full capacity, the mill is expected to create twenty full-time jobs.
"UBCD is excited to provide impactful financing to Bar Pole & Piling which allows them to transform the former Bazor Lumber mill into a job-creating business," stated Alex Jones, President of UB Community Development. "They took an abandoned site and have brought it back to life creating 20 jobs. Furthermore, this site will support 22 logging and trucking jobs across the region. This is another project that falls squarely into UBCD's mission!"
Bar Pole and Piling will partner with local loggers who harvest and deliver the bark poles to the facility. This project will help expand their presence into the southeast portion of the country, tap into new markets, expand its customer base, and increase output to meet the demand of the southeastern region.
About UB Community Development
Headquartered in Atmore, AL, 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 to positively affect growth in regional communities. For more information about UB Community Development, visit our website at www.UBCommunityDevelopment.com.
SOURCE United Bancorporation
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