The University has created two different programs to meet the needs of its many campus borrowers. The Internal Lending Program (ILP) offers secure financing for long-term assets, while the Financing Assets Short Term (FAST) program provides financing for short-term assets.
The ILP was created in July 2008 after receiving new legislative authority to issue local debt for any University purpose. The University issues debt externally in order to secure funds for all approved campus projects. The ILP then makes internal loans to campus borrowers and manages repayment in accordance with financing agreements between the campus borrower and the University.
The FAST program was created by partnering with a bank to finance short term assets. The partnering bank provides taxable and/or tax-exempt funds through a credit line over an agreed upon period. Loans issued under the FAST program are entirely fixed rate and are awarded based on availability of funds and approval by designated personnel.