An iBank presenter summarized the banks direct loan programs (including the Infrastructure State Revolving Fund/ISERP loans) and said loans can finance "any cost associated with the project, including design, acquiring, planning, constructing, and consulting costs." The presenter said loan sizes typically range from a $1 million minimum to a $65 million maximum and that terms of up to 30 years are available when supported by the useful life of the project.

The bank noted it can finance 100% of a project, although borrowers sometimes combine loans and grants. Loan repayment can be structured from enterprise revenues (system rates) or general fund sources; the bank also offers leaseback financing using unencumbered assets. The presenter gave examples of recent loans: Watsonville (an SB 1383 organics/processing project, $6 million), Encinitas (streetscape, $20 million), Tiburon Fire District (new fire station, $4.3 million) and San Diego (organics processing, $40 million).

Why this matters: iBank offers a noncompetitive, credit-based lending avenue for California public entities and certain nonprofits, often at lower cost than commercial borrowing. Borrowers should check program requirements early, obtain an executive reimbursement resolution before iBank board approval, and talk to loan officers for preliminary feedback.

Practical details: iBank said loans can generally be structured to cover hard and soft costs, may be taxable for portions with private activity, and that the agencys bonds are AAA-rated so the bank can provide competitive fixed rates. The presenter said the average ISERP underwriting-to-closing timeline is roughly five months but can be expedited in some cases.