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NEWS & HIGHLIGHTS
$35M Sumner YMCA Seattle Daily Journal of Commerce
A smart way to save money and maximize your capital campaign. Often, a capital campaign is not enough to cover the total cost of a project—particularly costs related to construction and capital improvements. A bond-backed loan may help you reach your goals sooner and more efficiently. Contact us and explore your options. Download & share our program brochure (PDF)
HOW DOES IT WORK?
You choose your own bank and negotiate your own terms. The lender buys the tax‐exempt bond from us and passes the tax savings on to you in the form of a lower interest rate on your loan. No state taxpayer dollars are used. The Commission works with you and your lender every step of the way.
WHAT SIZE LOANS ARE FINANCED?
The only limit is the amount your organization can afford to repay. Whether your project costs $500,000, $5 million or $50 million, we can assist you with a cost effective solution.
Borrow at a lower interest rate
More funds available for operations or endowment
Less dependence on grants and other financing
Efficient use of donor gifts
Cash management flexibility
Begin construction sooner—avoid climbing construction costs
Keep more cash for operations or endowment
For smaller projects using STEP, savings are typically one to two percentage points below market rates. The interest rates are set by lenders and will vary among lending institutions. For larger projects, when borrowing typically exceeds $5-7 million, investment banks market the bonds to retail and institutional investors. In these cases interest rates are lower than for smaller projects, but the financing process is more complex and associated fees are larger. The borrower can still realize significant savings.
You can use bonds to purchase a building, land or equipment; build or renovate facilities; or even refinance existing debt—as long as the project furthers your nonprofit’s mission. The Commission’s Nonprofit Facilities Programs help 501(c)(3) organizations across Washington state buy, build, renovate, and refinance their community facilities. MORE...
NONPROFITS THAT HAVE BEEN SERVED INCLUDE:
Camp Korey, Carnation
Eastside Catholic School, Sammamish
Goodwill Industries, Spokane
Lutheran Community Services, SeaTac
Multi‐Service Center, Federal Way
NW Wash. Pipe Trades Training Ctr, Burlington
Pacific Science Center IMAX
People for People, Yakima
Perry Technical Institute, Yakima
Richland Health Sciences Center
Seattle Art Museum Sculpture Park
Seattle Country Day School
Spokane Valley Community Center
St. Vincent de Paul of Snohomish County
TVW Media Center, Olympia
Western Washington Fair, Puyallup
YMCA (18 statewide)
CONTACT US EARLY IN THE PROCESS
To obtain the most benefit from this program, it helps to contact us as early as possible in the financing planning process. We often start working with nonprofits during the preliminary capital campaign planning stage. Many decisions made early on will affect your fundraising and financing flexibility.
Washington Nonprofits A state association of nonprofits whose mission is to build a strong, collaborative network of nonprofits serving Washington communities through advocacy, education and capacity building.