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The IFA is authorized to issue tax-exempt bonds, which lower the cost of financing for manufacturing projects, health care facilities, private institutions of higher education and certain other qualified projects. In order to qualify for tax-exempt financing, an applicant that is not a 501(c)(3) must first be awarded "Volume Cap." Indiana is allotted annually a specific amount of Volume Cap that may be awarded to qualified applicants for the purpose of issuing tax-exempt bonds.
Tax-exempt bonds are often structured similarly to a term loan or mortgage, and the interest rates vary based on the company's financial situation, credit enhancements, method of sale of bonds and the current market.
Volume Cap Program (prerequisite for tax-exempt financing through IFA)
Large Bond Program (for lower-interest borrowing of amounts more than $3M)
Small Bond Program (for lower-interest borrowing of amounts $3M or less)