One-Stop-Shop for Construction Cost Financing & Design Study
Interim Loan Program
The Interim Loan Program offers short-term design study and construction cost financing for USDA-Rural Development projects. The process is streamlined through established partnerships and experiences. The program is currently structured to serve design study and construction cost financing needs of municipalities already approved for USDA-RD permanent financing. If you are in need of design study or construction cost financing, but not approved for a USDA-RD loan, please use the "Ask Us a Question" button below to see how we might assist!
Benefits
What makes us different
The process
- Upon notice from USDA-RD, you submit an application to the Indiana Bond Bank.
- The Indiana Bond Bank will prepare closing documents and set the interest rate. Closings are on set monthly calendar dates, allowing for pooling with other borrowers.
- On closing, the Indiana Bond Bank will deposit funds in a construction account with the program trustee.
- You pay off the Interim Loan when you receive permanent financing from USDA-RD. Need an extension? No problem, just notify us.
About
Common Questions
We have answers! If not covered here, please reach out.
What is the Interim Loan Program (ILP)?
The ILP is a partnership between the Indiana Bond Bank (IBB) and the United States Department of Agriculture-Rural Development (USDA-RD) to provide interim financing for USDA-RD eligible projects during the construction period.
Who is eligible for an interim loan?
You must meet the guideline set forth by USDA-RD, which can be found at www.rd.usda.gov, and fall under the definition of a “qualified entity” as defined by I.C. 5-1.5-1-8.
When am I eligible for an interim loan?
Eligibility is based on receiving both a USDA-RD Letter of Commitment and Take-out Letter,and having local approval in place.
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