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Last updated on Sunday, April 22, 2018
(INDIANAPOLIS) - On Monday, April 16th, the Indiana Bond Bank (IBB) Board of Directors, unanimously approved opening the IBB’s Interim Loan Program to any qualified Indiana local unit of government for any type of project that may require interim financing.
Before this action, the IBB operated the Interim Loan Program as a pilot with communities participating in a United States Department of Agriculture - Rural Development (USDA-RD) program.
By expanding the Interim Loan Program eligibility to all units of government for any type of project, the Indiana Bond Bank delivers its experience and drive to reduce borrowing costs for critical interim financing needs. Similar to IBB's long-standing Advance Funding Program, which provides qualified entities with tax anticipation warrants, the Interim Loan Program will provide another tool to assist with cash flow.
"As a past county commissioner, I understand the constraints and challenges local government units face, and I will continue to work to find creative solutions for Hoosier communities", said IBB Board Chair and Treasurer of State Kelly Mitchell.
The expansion of the Interim Loan Program to all qualified entities in Indiana was sparked by IBB's sharp focus on its mission of fostering the vitality of Indiana's communities by delivering cost-effective solutions to critical challenges.
IBB Executive Director Mark Wuellner shared his enthusiasm: "From schools to libraries to cities, towns and counties, we have seen efficient interim financing is a need statewide. I'm thrilled that through the framework created with our colleagues at USDA-RD, the IBB now has a tool to serve all Indiana."
Inquiries about interim financing may be directed to bondbank@inbondbank.com.
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