IBank's ISRF Loan Fund program provides low-cost, direct loans to local governments and nonprofits sponsored by public agencies for a wide variety of public infrastructure and economic expansion projects (excluding housing) that improve and sustain communities, helping individuals and families thrive. We focus on small and mid-/moderate-sized local governments and special districts — including those in underserved regions and communities.
ISRF loans can fund a wide variety of projects – including water and wastewater treatment plant upgrades or construction, venue or airport construction, or street repair and upgrades. ISRF financing is available in amounts ranging from $50,000 to $25 million with loan terms for the useful life of the project up to 30 years.
With IBank You:
• Save time — We conduct a preliminary review process and provide feedback before inviting you to apply.
• Can submit applications any time of the year. We accept applications continuously, and because we issue our own bonds to generate funds, we do not run out of funding.
• If approved, can receive funds within 45 to 90 days of IBank board approval.
• Receive low, competitive, fixed-interest rates up to 30 years. We are AAA rated, and we pass our low borrowing costs (through bonds) to you.
• Don’t have to compete against others — No scoring mechanisms, we operate on a first-come, first-served basis.
• Get transparency every step of the way — No surprises
We are experts in municipal lending and our loan team values access to opportunity, diversity, and inclusion and truly cares about connecting city and other local governments to the low-cost financing they need to make their important public infrastructure and economic expansion projects a reality.
Include, but are not limited to:
Drainage, water supply and flood control
Educational, cultural and social facilities
Environmental mitigation measures
Goods movement-related infrastructure
Parks and recreational facilities
Power and communications facilities
Sewage collection and treatment
Solid waste collection and disposal
Water treatment and distribution
Public safety facilities
Industrial, utility and commercial
Eligible Costs for Financing Include:
• All or any part of the cost of construction, renovation, and acquisition of all lands, structures, real or personal property.
• Rights, rights of way, franchises, licenses, easements, and interests acquired or used for a project.
• The cost of demolishing or removing any buildings or structures on land so acquired, including the cost of acquiring any lands to which the buildings or structures may be moved.
• The cost of machinery, and equipment.
• Provisions for working capital.
• Other expenses necessary or incidental to determining the feasibility of any project or incidental to the construction, acquisition, or financing of any project.
• The cost of architectural, engineering, financial and legal services, plans, specifications, estimates, and administrative expenses.
• Interest prior to, during, and for a period after, completion of construction, renovation, or acquisition, as determined by the IBank.
• Reserves for principal and interest and for extensions, enlargements, additions, replacement, renovations, and improvements.
- Public Agency
Eligible applicants include, but are not limited to: any subdivision of a local government, including cities, counties, special districts, assessment districts, joint powers authorities and non-profit corporations (as deemed eligible).
How to Apply
State agencies/departments recommend you read the full grant guidelines before applying.
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