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Securing New Funding Sources For Municipalities, Community Development Corporations (CDCs) and Colleges or Universities
Now that the election season is over and change is in the air, one thing remains constant: in this tight economic climate, it is extremely difficult to fund large scale projects for municipalities, community development corporations (CDCs) and colleges or universities.
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We are all experiencing the harsh reality that traditional funding methods, such as municipal bonds, federal/state public funding and private foundation funding, often do not accommodate funding demands, no matter how useful, green or esthetically pleasing the project. Many shovel ready projects remain shelved while we all suffer. Governmental, business and educational leaders seem overwhelmed by the funding difficulties they face. As we fail to overcome the project funding challenge, our economy fails to recover adequately enough to stimulate substantial growth, especially in the area of employment.
Today, however, we can overcome this challenge if we understand and embrace available interdisciplinary, nontraditional financial options that can fully support our various local economic recovery visions. For example, new funding options can provide 100% project financing in a fraction of the time or cost of traditional funding methods. Consequently, CDCs and colleges/universities can now customize a solution to fund anything from libraries to wastewater treatment plants to renewable energy generation at very reasonable terms, provided they can identify funding and meet the funding requirements.
The ability to identify funding and meet funding requirements usually requires the expertise of firms (usually boutique firms) focusing on this emerging market space. By working with these experts, municipalities, CDCs, colleges, and universities can better assess and avoid risk, which is a valuable skill when one wants to consummate a deal that may be backed by anything from pension funds to individual private investments. Mastering this new reality now allows municipalities, CDCs, colleges and universities to steadily finance new capital construction projects rather than plod through traditional protracted processes that are more often proving nonproductive.
The bottom-line is that one can fund large scale projects relatively quickly if he or she works with the right team. As I take my clients through this new process, I am finding that essential shovel ready projects seeking $10,000,000.00 or more are particularly attractive right now. Also, I am finding various new solutions are acceptable to overcome crediting rating challenges. Collectively this means there may be a way to get your project off the shelf, increase your productivity and create jobs in your community. If you are interested in learning how your municipality, CDC, college or university can secure project funding to support your community please feel free to contact me.
Michael A. Corbin
Principal
The Corbin Law Firm, P.C.
703-897-1577
mcorbin@clf-pc.com
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