Dear Prospective Applicant:
It is our pleasure to offer the Authority’s “Quick Loan” program for nonprofit 501(c)(3) health care providers in Washington. The program has been developed with an eye toward making it easy to understand and speedy for you, the borrower, to use.
Many of you have asked for a loan program that is simple and cost-effective for loans of less than $10 million (although it is not limited to $10 million). The Quick Loan program is specifically designed for those loans.
Two features of these loans make them especially attractive:
- The bonds are sold to your commercial bank or other bank lending institution.
- The program utilizes the bank’s own loan documents to facilitate document preparation and review.
The Quick Loan program involves a partnership between you, a lending bank, and the Authority. Most of you have an excellent banking relationship with your commercial bank that includes your cash accounts and possibly even loans at taxable interest rates. The goal of this program is to expand on that relationship by enabling your bank to provide you with lower-cost, tax-exempt financing through the Authority.