Recovery Advance Program for Infrastructure Damage (RAPID)
The RAPID Program provides short-term financing, in the form of a Bond Anticipation Note (BAN or note), to Indiana communities affected by a natural disaster. The program exists to put money in a community's hands quickly, so it can begin cleanup, complete a damage assessment, and pay for the engineering and emergency work needed to plan a permanent repair or replacement of impacted public infrastructure and/or facilities (e.g., roads/sidewalks, water/sewer facilities, police/fire stations, city/town halls, park facilities, school/library buildings, etc.).
RAPID operates under the IBB's existing Interim Loan Program authority.
Eligible Uses for RAPID Loans
Debris removal and cleanup
Emergency repairs to buildings, roads, and utility facilities
Damage assessment, engineering, and design
Temporary facilities or equipment
Related legal, financial, and professional costs
Costs already incurred may also be financed with note proceeds
2026 RAPID Program Timeline
| Application and RAPID BAN Ordinance Due | Closing and Funds Distributed | |
| September | 9/16/2026 | 9/30/2026 |
| October | 10/7/2026 | 10/21/2026 |
| November | 10/21/2026 | 11/4/2026 |
| November | 11/4/2026 | 11/18/2026 |
| December | 11/18/2026 | 12/2/2026 |
| December | 12/2/2026 | 12/16/2026 |
- Provide the application and the RAPID BAN ordinance at least two weeks before closing.
- The Bond Bank will add closing dates if they are needed. If the dates above do not work for your timeline, contact the Bond Bank.
- If an application is incomplete, or if material questions about the request remain unresolved as the closing day approaches, the Bond Bank may move the request to the next closing date.
- 2027 closing dates will be published before the end of the year.
Common Questions
The initial program limit is $1,000,000 per community. Where a city or town and its water, sewer, or other municipal utility are both affected, the limit applies to the community as a whole rather than to each municipality seperately.
RAPID loans may not exceed twenty-four (24) months from the closing date. Extensions may be considered where a take-out source has been identified but the funds have not yet been received.
RAPID loans carry a fixed interest rate of 2.00% annum.
Interest is due at maturity. Semiannual interest payments can be arranged if requested during the application process.
The note may be prepaid in whole or in part at any time without penalty, with interest due through the prepayment date.
Where the note is secured by a general revenue pledge, the Bond Bank will look for a property tax backup. Where the borrower is a municipal utility, the Bond Bank will look for a pledge of net revenues.
Fee is $15,000 per loan. The fee is withheld from proceeds at closing.
RAPID loans are issued on a taxable basis.
Other areas we can help
Hoosier Equipment Lease Purchase Program
Equipment Financing
Community Funding Resource Program
Public Project Financing
Advance Funding Program
Cash Flow Financing
Fuel Budgeting Program
Budget Risk Management
Interim Loan Program
Pre-Construction & Construction Cost Financing
READI Match Financing Program
Investing in Growth and Prosperity of Individuals and Families that call the Hoosier State home
