State Aid Note Program (SAN)

The SAN is a streamlined loan program to finance short-term operational cash flow needs for traditional public schools. Michigan Finance Authority (MFA) facilitates the process by pooling the loans, soliciting bids and obtaining the highest possible short-term rating, resulting in competitive interest rates and typically lower costs of borrowing.

SAN Program Memo 2025

Borrowing Options 2025

Application and Loan Process 2025

Financing Schedule 2025

All application materials must be submitted to MFA by Note Counsel on or before July 1, 2025.

The following documents are required for a complete application:

1. Application: SAN Loan Program—August Series 2025 (Form 4384A)
   • Enclose required documentation
   • Submit to Note Counsel as a Microsoft Word document
2. Cash Flow Workbook – 2025 SAN Loan Program (Form 4385A)
   • Complete both Borrowing Summary and Cash Flow tabs
   • Submit to Note Counsel as a Microsoft Excel spreadsheet
3. Treasury Qualified Status Approval Letter (Fiscal Year End June 30, 2024) , Prior Approval Letter, or proof of application
4. Board-Approved General Fund Budgets (Fiscal Year End June 30, 2025 as amended and June 30, 2026 as adopted)
5. Board-Approved Borrowing Resolution
6. Documentation required by Form 4384A (if any)

Richard H. Austin Building, 1st Floor
430 W. Allegan
Lansing, MI 48922

Phone: 517-335-0994
Fax: 517-241-9509

www.michigan.gov/mfa
TreasMFA-StateAidNote@michigan.gov