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Indiana Finance Authority

IFA > Tax-Exempt Bond Programs > Small Bond Program Small Bond Program

Manufacturing companies and certain not-for-profit organizations with financing needs of $3 million or less may qualify for the IFA's Small Bond Program. The Program offers reduced time frames, reduced fees and less paperwork to qualifying projects. Smaller companies may find it easier to access the tax-exempt market with the IFA's Small Bond Program, where banks purchase and hold the bonds. IFA recommends that you contact your lender to determine if this program is right for you.


A $3,000 non-refundable application fee, payable to the Indiana Finance Authority, must accompany all manufacturing and not-for-profit bond applications. The $3,000 includes the application fee, issuer's counsel fee, closing fees and all other costs of the Authority. It does not include Volume Cap fees.

Program Highlights

  • Financing of $3 million or less
  • Manufacturing or 501(c)(3) projects
  • Bank negotiates the terms, including interest rates
  • Interest rates range from 80% to 85% of prime rate
  • Very low cost of issuance


Application Information


For Small Bond Program forms, contact:

Cindy Herron at (317) 233-4335 or

Notices of Issuance


Relevant Links

Contact Information