To provide insights to how SIBs are utilized nationwide, identify marketing techniques and to provide customer feedback to the Center for Innovative Finance Support (CIF$).
Survey Response Rate
The majority of SIBs receive between 0-2 applications a year.
The majority of SIBs accept loan applications at any time.
State | Minimum/Maximum terms |
---|---|
Colorado | First come, first served to the SIB. The amounts lent depend on the request total, and qualifications of the borrower. |
Florida | $1 million minimum. |
Michigan | No minimum amount. No maximum amount but generally not over
$2 million. State will work with applicants to identify other potential sources for larger projects. |
Minnesota | Yes |
Missouri | MoDOT staff can accept loan request for $10 million or less. Any loan requests greater than $10 million require pre-approval by MoDOT's Executive Director. The minimum loan amount is $50,000. Terms of a loan over 10 years, require pre-approval by the MoDOT's Executive Director. |
Ohio | 1-10 Years for Loans Loan requests greater than $5 million may be referred to the SIB Bond Program. Interest rates set by SIB Loan Committee and must be at or below market rate as of loan approval date. |
Texas | Two programs currently - First-Come, First-Served for all
SIB loans for TxDOT projects less than $10 million. No minimum
limit. Other program is a SIB Program Call which is a TxDOT
project > than $10mm or any Non-TxDOT project. We further limit the SIB Loans to the following guidelines:
|
State | Response |
---|---|
CO | CDOT uses an external financial advisor to review borrower responses on the application, as well as our internal SIB Committee, and CDOT staff. |
FL | Certified Annual Financial Reports (CAFR), debt service coverage ratios, historical revenue analysis, personal guarantees, rating analysis, asset based financing, collateral, sinking funds, debt service reserve accounts, etc... |
MI | Nothing formal but the State reviews the applicants Act 51 distribution amounts (State law that distributes transportation funds to counties and local agencies...) outstanding SIB loans, and project terms. |
MN | After MnDOT certifies project eligibility, the Minnesota Public Facilities Authority (PFA) requires that the applicant provide a TRLF loan application for underwriting review, including annual audit reports, estimated project costs, anticipated repayment source, and existing debt service requirements. Subject to PFA underwriting approval, loan funding requires the applicant provide its G.O. Note as commitment support for a term consistent with the loan maturity. |
MO | If the entity is rated by a rating company (Standard & Poor's), MoDOT staff uses this rating. If the entity is Not rated, MoDOT staff uses an interest rate criteria to determine a rating by reviewing the times coverage, additional dedicated revenue and term of the loan. MoDOT staff also reviews the application and financial statements in detail before approving the loan. |
OH | ODOT Financial Advisor reviews application to determine
borrower's ability to repay loan, financial statements required
for application package. ODOT Financial Advisor provides recommendation. Application presented to SIB Loan Committee and is Approved, Disapproved, or Approved with Modifications. |
TX | Every loan receives a legal and financial analysis to determine ability to repay - and continued monitoring of the borrower during the loan term. |
VA | The analysis is part of larger efforts for projects procured as Public-Private Transportation Projects. By direction in the Code of Virginia, the SIB loan is only available to a private operator as provided for in the Public-Private Transportation Act of 1995 (as amended). |
VT | Municipal Application: Cash flow availability, municipal
backing If private: Same underwriting as commercial loans. This
includes additional analysis of financial viability of business
and the product. If private: Same underwriting as commercial loans. This includes additional analysis of financial viability of business and the product. |
Thank you to all the FHWA Divisions and State DOT partners that took the time to reply to this survey!
Your responses will help us provide valuable technical assistance and promote innovative financing tools, like the SIB, to all users.