Equipment Financing (HELP)
- Indiana Bond Bank
- Services
- Current: Equipment Financing (HELP)
Indiana’s Trusted Equipment Financing Program Since 1991
Hoosier Equipment Lease Purchase Program
Simply and quickly access competitive essential equipment financing through the Hoosier Equipment Lease Purchase (HELP) program. Financing through HELP satisfies Indiana's legal requirement to bid the financing, while using a simple 1-page application to connect you to the most competitive rates offered through the IBB’s statewide network of lenders. Our new HELP “Rate Buy-Down Enhancement” now offers the opportunity for even greater savings.
What makes us different
Application
One Page Commitment-Free Application
Rates
Competitive Rates from a Statewide Network of Lenders
Bidding
Fulfills the Legal Requirement for Indiana Units of Government to Bid Financing
The Process
- Submit a commitment-free application to the Indiana Bond Bank.
- The Indiana Bond Bank gathers required financial statements and sends application to a statewide-network of participating lenders.
- The Indiana Bond Bank compiles bids and sends you the lowest-cost bid.
- You notify us you are selecting the bid, and obtain local approval.
- You close directly with the selected financing provider. Funds are distributed to equipment vendor on pre-determined date.
- Police Cars
- Fire Trucks
- Ambulances
- Garbage Trucks
- Pickup Trucks
- Tandem Trucks
- School Buses
- Voting Equipment
- Road Graders/Other Highway Equipment
- Radio and Communications Equipment
- Computer Systems
- Sewer Vacs
- One-to-One Technology
- School Equipment
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The City of North Vernon has utilized the Indiana Bond Bank twice now to finance two large equipment purchases and have been very pleased with the results on both occasions! By taking advantage of the HELP program, not only was I able to save valuable time by being exempt from having to bid the financing, but did so while being confident I was securing a great rate for the city!
Shawn Gerkin City of North Vernon
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The HELP program saved the Town of New Whiteland more than $20,000 in interest payments over the term of our loan. We had solicited quotes from several funding agencies but no one came close to what they offered. Their interest rates and customer service are outstanding!
Maribeth Alspach Town of New Whiteland
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The Indiana Bond Bank’s HELP program was a simple process, we received an incredible interest rate, and it will aid in conserving our Public Safety LIT cash reserves. Due to the unforeseeable reduction in income tax in 2021 due to COVID-19 this will prove to be extremely beneficial.
Rebecca Miller City of Mishawaka
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The financing of our new multi-purpose tractor/snow plow through the HELP Program went very smoothly. We received quick and accurate responses to planning questions and ultimately, a great rate.
Thomas Dippel City of Huntingburg
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I have used the HELP program twice now in the last 6 months and I am a BIG fan of how it speeds up the process, simplifies my life, all while obtaining the best quote from multiple sources in the state.
Steve Snider CFO DeKalb County Central United School District
Common Questions
We have answers! If not covered here, please reach out.
- What is the Hoosier Equipment Lease Purchase (HELP) Program?
The HELP Program is a lease financing option available to assist government entities with purchasing essential equipment.
- What are the advantages of the HELP Program?
The HELP Program offers many advantages, including competitive interest rates, eliminates the need to bid the financing (IC 5-1.5-8-3(c)), a streamlined one-page application and flexible repayment schedules.
- What kind of equipment can be financed through the HELP Program?
The Indiana Bond Bank (IBB) is able to finance essential equipment for an entity, such as police cars, fire trucks, snow plows, dump trucks, computer equipment, and many other essential items. The IBB and the HELP program reserve the right not to finance non-essential items and fixtures. Please contact the IBB directly if you have questions.
- Is there a minimum or maximum amount?
No. For leases under $50,000 please contact the IBB directly.
- When does the IBB accept applications?
Applications can be submitted at any time.
- How long does it take to receive a bid proposal?
The lease providers in our program have asked for 7-10 business days to assemble their proposals.
- How many HELP providers are in the program?
There are twelve banks currently that work with the IBB to provide funding. Those banks include: BMO Harris Bank, Crossroads Bank, Fifth Third Bank, First Financial Bank, First Internet Bank, Huntington Bank, JP Morgan, Key Bank, Peoples State Bank, PNC Bank, Regions Bank and US Bank.
- Am I locked in to using the IBB once a quote has been received?
No. If you are not satisfied with the rate provided or are able to locate a lower rate outside of the HELP Program, we recommend you use the lower rate.
- Who provides the documents once the rate is accepted?
Once the rate is accepted, you will work directly with the financing bank. The IBB will be available to provide assistance throughout the process. Please note, that your governing body will need to adopt the paperwork provided by the financing bank prior to closing on the lease.
- Can we pay for the equipment before the lease closing?
The lease provider will need to pay your vendor for the equipment, unless your governing body has adopted a reimbursement resolution. Please contact the IBB for additional details.
- Who owns the equipment at the conclusion of the lease?
The HELP Program is a lease purchase program. Your entity will own the equipment once the lease has been paid in full.
- Is there a maximum lease term that a provider will offer?
Equipment can only be leased for the useful life of the equipment. However, some of our providers will not provide lease terms beyond 10 years. Please contact the IBB directly if you have questions regarding a term of longer than 8 years.
- How long will the provider hold the rate before closing?
This varies between providers, but rates are typically held by the provider for a reasonable period of time. If there is more than the anticipated closing of 3 months from the application, please contact the IBB regarding setting up an escrow.
- How long from closing before our first payment?
Typically, our providers will require a payment within one year of closing. Please contact the Bond Bank directly if you would like to make your first lease payment more than a year after closing.
- Do we need Bond Counsel to close on a HELP lease?
No, you will not need bond counsel for a HELP lese. You will need to have local counsel provide an opinion on the lease documents at closing. Please note the next question if paying your lease from a debt service fund.
- What if we are using a debt service fund for our lease payment?
Typically, lease payments are not made from debt service funds. If you would like to make your lease payment using a debt service fund, you may want to contact your local counsel or bond counsel. It is up to the entity to set up the debt service fund if that is the source of repayment of the equipment lease.
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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
Construction Cost Financing & Design Study
READI Match Financing Program
Investing in Growth and Prosperity of Individuals and Families that call the Hoosier State home
