CPCFA Tax-Exempt Bond Program Fees and Subsidy for Small Business Program Applicants
Functions of the CPCFA Tax-Exempt Bond program are funded entirely through fees paid by program applicants; it receives no other funding.
In addition to the fees used to support program functions, the Small Business Assistance Fund (SBAF) fee is collected from large business applicants (as defined) and used to subsidize a portion of the costs of issuance for small business applicants (as defined).
Until December 31, 2026, collection of the SBAF fee is waived; however, small business applicants may still receive a SBAF subsidy from accumulated SBAF fees.
The fees charged by CPCFA and the SBAF subsidy formulas are shown below. In addition, applicants are responsible for fees charged by other entities, professional service provider fees, and all other costs of issuance.
More information on fees charged by other entities, CPCFA fees, and the Small Business Assistance Fund policy is included in the Program Manual.
CPCFA Application Fee for Initial Resolution or Refunding
- Initial Resolution or Refunding Application Fee: .0005 of the amount of financing requested on the application
- Maximum application fee: $5,000
- Application fee is non-refundable but if the application results in a successful transaction closing, the application fee is subtracted from the administration fee at time of closing
Administration Fee
- For transactions utilizing tax-exempt allocation: .002 of the total face value of the issuance, less the application fee
- For taxable transactions (such as bond anticipation note): .001 of the total face value of the issuance, less the application fee
- For transactions which are refunding-only
- For small businesses (as defined): .001 of the total face value of the issuance, less the application fee
- For large businesses (as defined): .002 of the total face value of the issuance, less the application fee
- The borrower will reimburse CPCFA for Issuer's Counsel costs upon closing of the refunding transaction.
Annual Fee
- For transactions utilizing tax-exempt allocation: none
- For transactions which are refunding-only: none
- For taxable transactions (such as bond anticipation note): .0005 of the outstanding balance
- Minimum of $1,000 and maximum of $75,000
Small Business Assistance Fund (SBAF) Fee
- The SBAF fee is waived through December 31, 2026
Small Business Assistance Fund (SBAF) Subsidy
- The subsidy is provided at closing of eligible new money transactions
- Par value of $5,000,000 or less
- Maximum subsidy: $130,000 + 1.6% of Par
- Par value of $5,000,001 – $13,750,000
- Maximum subsidy: $130,000 + 1.6% of Par – [(Par-$5,000,000) x 4%)]
- Par value over $13,750,000
- No subsidy