One-Stop-Shop for Design Study & Construction Financing
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!
What makes us different
- Upon notice from USDA-RD, you submit a Notice of Intent (NOI) 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.
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.
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.
Complete a Notice of Intent to Apply
Interim Loan Program Events
(*) On or before the Notice Due Date, Interim Loan Participants must provide a Notice of Intent to Participate (NOIP) to the Indiana Bond Bank (IBB) to reserve a closing date.
Please contact the Bond Bank at 317-233-0888 or at email@example.com if you have any questions.
Latest postsView all posts
Jacob Blasdel Hired as IBB Executive Director
IBB Annual Report Fiscal Year 2022
Leaders in Public Finance: Celia Campbell - JPMorgan
FFC2022 Community Series: Indiana Bondcast
Other areas we can halp
Fuel Budgeting Program
The fiduciary responsibility for tax dollars is central to your mission as a unit of government. When it comes to predicting budget expenses, that task may feel overwhelming. We live in a world of volatile events, where even the smallest occurrence on the other side of the world can impact Indiana. Particularly with the fuel needed to run key vehicles. With risks everywhere that are out of your control, where can you turn? Thankfully, the Indiana Bond Bank (IBB) has a tool specifically designed to protect your fuel budget against volatile prices. In these times of uncertainty, protecting your fuel budget is more important than ever. Why set your budget up for a headache when you can set it and forget it?
Hoosier Equipment Lease Purchase Program
Simply and quickly access competitive essential equipment financing through the Hoosier Equipment Lease Purchase (HELP) program. Financing through HELP satisfies Indiana's legal requirement to bid the financing, while using a simple 1-page application to connect you to the most competitive rates offered through the IBB’s statewide network of lenders. Our new HELP “Rate Buy-Down Enhancement” now offers the opportunity for even greater savings.
Advance Funding Program
Sometimes things don't go as planned. Through no fault of your own, you have a timing mismatch between expenses being due and your property tax disbursement. Through the Advance Funding Program, the Indiana Bond Bank offers cash flow stability to units of government through pooled tax anticipation warrants at an all-inclusive competitive rate. Since 1984, the Advance Funding Program has assisted over 250 units of government with $14 Billion in short-term cash flow needs.
Community Funding Resource Program
Starting a new public project? Thrown off course trying to locate efficient and affordable financing? Need hands-on assistance from experienced professionals? Let the Community Funding Resource (CFR) program get your project headed in the right direction. Through our CFR program, the Indiana Bond Bank offers direct financing for any public projects with a term of less than 10 years. We accept applications on a rolling basis, so tell us a bit more about your project below and we can let you know how the IBB can help!