United Bank has announced the creation of a $12 million loan pool designed to encourage economic development across Alabama and the Florida Panhandle. The pool is designed to assist companies with growth and expansion with loans that range from $250,000 to more than $3 million. Using capital created from New Market Tax Credits, borrowers receive up to 25 percent of their funds at zero interest as an economic development incentive. Transactions involving New Market Tax Credits often are not practical for projects less than $5 million, but the loan pool allows United Bank to make smaller loans without the additional cost. The initiative has already assisted at least five local companies with new equipment financing and debt restructuring totaling more than $9 million.