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Nonprofit Facilities

NEWS & HIGHLIGHTS

$35M Sumner YMCA will open in June 2015 Seattle Daily Journal of Commerce

Seattle Preparatory School breaks ground on renovations

Alpha Supported Living Service new building helps cut costs

Lutheran Community Services Northwest benefits from refinancing  

YMCA of Greater Seattle refinancing to benefit eight locations in King County  

ChildHaven Camp Kory Tacoma Art Museum Village at Angle Lake

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.

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:

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

PAWS, Lynnwood

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)

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.

ADDITIONAL RESOURCES

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.

07/07/2014

 
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Phone: 206.464.7139 or 800.767.4663 | Fax: 206-587-5113 | WebMaster@wshfc.org
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