WIEDA can issue bonds on behalf of businesses in which debt service is payable exclusively from the earnings of the borrower. In issuing revenue bonds for the borrower, WIEDA acts as a "conduit" or "middle-man." The bonds are sold to insurance companies, banks, mutual funds or brokerage houses on behalf of individuals. The proceeds of the sale are made available to the borrower for the project. The borrower then pays the money back directly to those who bought the bonds. The major advantage of WIEDA is that it provides savings of 2-3% lower than conventional financing for manufacturing, senior housing, not-for-profit corporations, etc.
The Western Illinois Economic Development Authority (TRVDA) can issue Double-Tax Exempt Bonds for:
- Industrial Revenue Bonds for Manufacturing firms
- Senior Housing Bonds or Supportive Living Bond for Housing
- Not-for-Profit Bonds for YMCAs, Hospitals
- Public Facilities Bonds for Schools and units of government
It is one of only ten regional development authorities within the State of Illinois. The Illinois Regional Authorities are CIEDA, EIEDA, QCREDA, UIRVDA, SIDA, SIEDA, SWIDA, TCRVDA, WIEDA, WKRDA.