Virginia Pooled Financing Program

Overview

The Virginia Pooled Financing Program (VPFP) is a general municipal pool program that provides Virginia local governments with efficient public debt market access to finance or refinance essential projects at competitive interest rates. Through the VPFP, VRA sells municipal bonds and then loans the proceeds to local governments, which benefit from VRA’s strong credit ratings, competitive interest rates, and straightforward application process.

The VPFP offers loan structuring flexibility, while allowing localities to finance or refinance multiple different project types through a single transaction. The VRA team manages all aspects of the bond issuance process and guides applicants to and after loan closing.

VPFP Value-Added Benefits

Competitive “AAA/AA” market interest rates
Customized loan terms and amortization structures
Economies of scale through shared costs of issuance among pool participants
Streamlined, efficient application and loan closing process
Loan terms up to 30 years
Dedicated loan servicing and administrative support throughout the life of the borrowing
Reliable and consistent market access (2-3 issuances per year at a minimum)