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Rural Water Financing Agency offers interim and flex-term loans; streamlined application process
Summary
The Rural Water Financing Agency (RWFA) described interim construction financing and flex-term loan programs with streamlined applications, fixed rates and no Davis-Bacon or Buy American requirements, and cited recent volume since 1995 and 2001.
Juliana (Jolene) Meeks of the California Rural Water Association described the Rural Water Financing Agency's interim and flex-term loan programs available nationally and how local borrowers can apply.
Meeks said RWFA can provide interim construction financing with fixed rates during construction and a flex-term program without debt-service reserve fund requirements and fixed rates for one to 30 years. She said RWFA has provided roughly $1.15 billion in interim financing since 1995 and $635 million in flex-term financing since 2001 and has partnered with 19 rural water agencies.
Eligibility and process: For interim financing, applicants should provide USDA letter-of-conditions when applicable, finance contact info and recent audits; flex-term applicants provide finance contact info, operating data and three years of audits. Eligible borrowers include public agencies regardless of population, and eligible projects include government-type projects, utilities and schools. Meeks emphasized RWFA's streamlined process and competitive rates and invited applicants to the breakout room for specific assistance.
