Factsheet
Overview & Mission
IFA’s mission is to foster economic development to public and private institutions that create and retain jobs and improve the quality of life in Illinois by providing access to capital.
IFA is authorized to issue tax-exempt and taxable bonds, make loans and invest capital to help meet the diverse needs of local government, business, education, healthcare, cultural and social service, agri-business and other entities via market-specific financial services.
With offices in Chicago, Mt. Vernon, Peoria, and Springfield, IFA acts as the State's investment banker, supporting workforce and economic development goals across the State.
Structure
IFA strategy is guided by a 15 member, non-paid board appointed by the Governor. Board members represent a diverse variety of business, organizational and professional experiences.
IFA Funding Managers offer in-depth knowledge of market segments and the authorityӳ financing tools and structures. They help address economic development needs of local industries and communities throughout the state and work with client projects where affordable access to capital makes the difference in financial feasibility.
The Illinois Finance Authority is a self-funded body politic and corporate. While established by the State, IFA does not receive appropriated funding for operations from the State. IFA operates as a financial service organization at no cost to the taxpayer, earning its operating income from application and closing fees, interest income and investment income. The State bears no direct or indirect liability for the debt IFA issues or incurs, except for specific, statutorily authorized programs.
The Illinois Finance Authority was created on January 1, 2004 following the consolidation of seven existing state authorities into this new organization. Authorities that were absorbed into IFA:
- Illinois Development Finance Authority
- Illinois Farm Development Authority
- Illinois Health Facilities Authority
- Illinois Educational Facilities Authority
- Illinois Community Development Finance Corporation
- Illinois Rural Bond Bank
- Illinois Research Park Authority
