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Nonprofit Facilities

NONPROFIT FACILITIES PROGRAM

The Commission's Nonprofit Facilities Program is 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 and 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.

Nonprofit FacilitiesWHAT 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.

TYPICAL BENEFITS

Borrow at a lower interest rate

More funds available for operations or endowment

Earlier construction

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.

ELIGIBILITY

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:

YMCA (20 statewide)

Northwest Railway Museum, Snoqualmie

Eastside Catholic School, Sammamish

Perry Technical Institute, Yakima

Spokane Valley Community Center

Seattle Art Museum Sculpture Park

Lutheran Community Services, SeaTac

Seattle Country Day School

Multi‐Service Center, Federal Way

Goodwill Industries, Spokane

PAWS, Lynnwood

Pacific Science Center IMAX

NW Washington Pipe Trades Training Center, Burlington

St. Vincent de Paul of Snohomish County

Richland Health Sciences Center

TVW Media Center, Olympia

Nonprofit Facilities Financing Program - Client List (PDF)

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.

Keri Williams, Nonprofit and Community Outreach Lead, 206-287-4404, keri.williams@wshfc.org

ADDITIONAL RESOURCES

Nonprofit Association of Washington 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.

 

 
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