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<July 2014>

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Maryland Industrial Development Financing Authority (MIDFA)

Encourages private sector financing in economic development projects located in Priority Funding Areas.  MIDFA facilitates capital access by issuing private activity revenue bonds and can provide credit insurance in the form of a deficiency guaranty to reduce lender’s risk.  While the transaction size is generally not limited, the credit enhancement is subject to the applicable program limits.  

Private Activity Revenue Bonds  

  • Taxable Bond: Provides access to long-term capital markets for primarily fixed asset financing. 
  • Tax-Exempt Bond: Provides access to long term capital markets for fixed asset financing at tax-exempt rates. Eligibility is limited by Federal tax law to 501(c)(3) non-profit organizations, manufacturing facilities and certain solid waste projects.  Additional limitations apply to the specific transaction type. 

 Credit Insurance  

  • Conventional Program: Insures up to 80 percent, not to exceed $2.5 million of a transactions made by a financial institution.  Export transactions may be insured up to 90 percent.
  • Bond Program: Insures bonds up to 100 percent, not to exceed $7.5 million of taxable or tax-exempt bonds.
  • Linked Deposits: In designated distressed jurisdictions, MIDFA can provide a certificate of deposit to the lender as a funding source and pricing incentive to provide below market rate loans to an eligible small business.  The certificate of deposit is not a guaranty or collateral to the loan.
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