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!

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What makes us different

One Stop Shop for Bond Anticipation Notes
Pooled Monthly Closings
Two Week Streamlined Application and Review Process
Competitive Interim Finance Rates
ILP Library Construction

The process

  1. Upon notice from USDA-RD, you submit an application to the Indiana Bond Bank.
  2. 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.
  3. On closing, the Indiana Bond Bank will deposit funds in a construction account with the program trustee.
  4. You pay off the Interim Loan when you receive permanent financing from USDA-RD. Need an extension? No problem, just notify us.
Design Study Application Due Date
Application Due Dates
Closing Dates
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In Columbia City's experience the USDA-RD and IBB partnership represents public sector collaboration at its finest.  Their Interim Loan Program provided an efficient, quick and affordable process to finance upgrades to an undersized sewer system.  The teams at RD and IBB communicated with us every step of the way, and truly care about outcomes in Hoosier communities.

Ryan Daniel Mayor Columbia City, IN

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, 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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Interim Loan Program Events

(*) On or before the Notice Due Date, Interim Loan Participants must provide an application to the Indiana Bond Bank (IBB) to reserve a closing date. 

Please contact the Bond Bank at 317-233-0888 or at if you have any questions.

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