Financing Growth... All Over Illinois
About the Illinois Finance Authority
The Illinois Finance Authority provides expert, hands-on support to help businesses get the capital they need for growth. To strengthen Illinois businesses and the State’s economic development agenda, the IFA provides access to low-cost, non-conventional financing, through banks and other sources. IFA secures financing for farms, industries, businesses, local governments, hospitals and other non-profits. The agency is continually seeking new opportunities and invites developers, financiers and community partners to see how IFA can help.
New Initiatives—new tools for growth
IFA is continually seeking new ways to support business development and create new jobs throughout Illinois. Let us know if one of these new programs is right for your business:
Midwestern Disaster Area Bonds
Midwestern Disaster Area Bonds authorized by the Federal government are a money-saving incentive for certain commercial, industrial, manufacturing, retail and public utility projects that help restore jobs and repair damage related to 2008 flood damage in these troubled regions. Projects in 18 counties are eligible for this reduced-rate capital.
Recovery Zone Bonds / Qualified Energy Conservation Bonds
There are three distinct American Recovery and Reinvestment Act of 2009(ARRA)Volume Cap bond financing products that Illinois has been allocated:
- $1 Billion in Recovery Zone Facility Bonds (business financing)
- $660 million in Recovery Zone Economic Development Bonds (local government financing)
- $134 million in Qualified Energy Conservation Bonds
More details on these ARRA Volume Cap Programs will be available through a special reporting site later this month on: www.arra-ifa.com.
Latest News
Midwestern Disaster Area Bonds target 2008 flood regions
New, tax-exempt financing will help developers cut costs, create new jobs in the four Illinois regions suffering from the twin hits of recession and the prolonged aftermath of damage from 2008 flooding.
New Tools Help IFA Expand Economic Development Impact
Illinois’ aggressive agenda to create and retain jobs across the state continues with Governor Pat Quinn signing into law two bills (HB 5854, P.A. 96-1021 "Multistate"; HB 2369, P.A. 96-1020 "Recovery Zone - Qualified Energy Conservation Bond") to expand the availability of low cost financing for economic development projects. Both bills focus on the Illinois Finance Authority’s role in supporting businesses that seek to upgrade or expand in our state.
Low-cost working capital added to agriculture loan program
Governor Pat Quinn has signed legislation that will allow more family farms and agri-businesses to take advantage of lower interest rates and increased access to needed capital. Senate Bill 3719 (P.A. 96-0897 expands the Illinois Finance Authority’s long-standing agriculture loan guarantee program by including financing for working capital. Contact Eric Reed at 618-244-2424 for more information or click here to read the press release.
Governor Quinn Makes Four Appointments to IFA Board
Governor Pat Quinn today made four appointments to the IFA Board of Directors. Then new...
Click here to learn more.IFA Names Christopher Meister as New Executive Director
The Illinois Finance Authority Board of Directors today named...
Click here to learn more.Exciting News for Illinois Beginning Farmers!
The limit for Beginning Farmer Bonds increased from $250,000 to $470,100 with the passage of SB260, effective 1-1-10.
With this increase, IFA's Beginning Farmer Bonds are now an even more effective tool for financing farmland for small and beginning Farmers. Thanks to the efforts of Senate Sponsor Mike Frerichs, House Sponsor Bill Black, the Illinois Farm Bureau, and IFA Agricultural Funding Manager Eric Reed, the new limit will allow Illinois to keep family farms in Illinois.
Click here to learn more.Local Governments and School Districts will Benefit from IFA's Local Government Bond Program – Now Streamlined and Lower Cost!
A transaction can now be approved at just one board meeting. We've also
substantially reduced legal fees, creating a range of savings to the borrower.
Read more...
Stimulus Bill Expands Use of IRBs
Now signed, the American Recovery and Reinvestment Tax Act of 2009 expands
manufacturing definitions for the use of industrial development bonds – with
important economic development benefits.
Click here...
Federal Home Loan Bank Letter of Credit Provision – A Positive for Access to Capital
With the recent passage of the Housing Relief Bill, a new provision will
enable Federal Home Loan Bank member banks to obtain Letters of Credit to support
certain tax-exempt bond issues. Local, community-based member banks will have an
additional resource for obtaining highly rated credit enhancement to support
tax-exempt bond issues, particularly for non-rated borrowers.
Read more...
1985 Pooled Funds Available for Reimbursement of Capital Expenditures for Rated Hospitals
IFA can provide qualified Illinois Hospitals with access to capital financing
at a low borrowing cost. The 1985 Revolving Fund Pooled Financing
Program has approximately $90 million available for reimbursement of
capital expenditures.
Read more...
Meet your IFA Team
IFA staff offers extensive expertise
in market segments and financing structures. They help identify critical market needs
and assist with client projects where affordable access to capital makes the difference
in financial feasibility.
contact us
Recent Updates
New Reports
Updated Reports
- Bonds Issued and Outstanding 6/30/10
- Industrial Development Bonds Issued and Outstanding 6/30/10
- Schedule of Debt by Market Sector 6/30/10
IFA was created...
... by consolidating services previously provided by these authorities.
- Illinois Development Finance Authority
- Illinois Farm Development Authority
- Illinois Health Facilities Authority
- Illinois Educational Facilities Authority
- Illinois Rural Bond Bank
- Illinois Community Development Finance Corporation
- Illinois Research Park Authority
