Financing from the program can be used to:
- Fund public infrastructure
- Acquire and/or renovate existing buildings
- Construct new buildings
The Finance Authority typically looks for borrowers who are owner-users with an operating history of at least three to five years. Also, the asset being financed should be significant to the company’s overall operation.
The Bond Fund comes with a couple key advantages that organizations should consider:
- LONGER LOAN TERMS: Terms can extend up to 30 years based upon useful life of the assets financed, such as public infrastructure. Industrial and commercial loans are expected to have final maturities of no more than 15 to 20 years
- FIXED INTEREST RATES: The interest rate will be fixed for the term of the issue based upon tax-exempt or taxable bond rates at the time the bonds are sold