The SIB program can be used in conjunction with other programs to better facilitate the timing of economic development projects to improve transportation efficiency and mobility. Projects might include improving interchanges, signal lights, roads, access, and bridges in redevelopment areas as well as constructing parking facilities, bicycle lanes, and pedestrian walkways near retail and tourist centers. The maximum amount of the loan will vary based upon the number of applicants and availability of funds. Loan terms will be negotiated, typically with repayment beginning no later than five years after receiving the loan or project completion. The loan must be repaid within 10 years.
Interest rates are below current market rates.
The Board of Commissioners of Public Lands administers the State Trust Fund Loan Program. Cities, counties, towns, villages, lake districts, metropolitan sewerage districts, school districts, technical college districts, and town sanitary districts are eligible. Loans can be used to finance various projects that benefit the public. Projects can include site cleanup projects, buildings, industrial parks, road repairs, vehicles and equipment such as fire trucks and snow plows, and water and sewer projects. Loans are available for terms up to 20 years from the Trust Fund Loan Program.