Economic Development Finance / Edition 1

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Overview

Economic Development Finance is a comprehensive and in-depth presentation of private, public, and community financial institutions, policies and methods for financing local and regional economic development projects. The treatment of policies and program models emphasizes their applications and impact, key design and management issues, and best practices. A separate section addresses critical management issues for development finance programs: program and product design, the lending and investment process, and capital management. Case studies are included throughout the book to help readers develop their skills and apply policies and tools to real practice issues. A glossary of finance terms is also included.

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Product Details

  • ISBN-13: 9780761927099
  • Publisher: SAGE Publications
  • Publication date: 6/22/2004
  • Edition description: New Edition
  • Edition number: 1
  • Pages: 520
  • Product dimensions: 7.02 (w) x 10.30 (h) x 1.33 (d)

Meet the Author

Karl F. Seidman is Senior Lecturer at MIT’s Department of Urban Studies and Planning and an experienced economic development practitioner. His MIT courses have completed over forty technical assistance projects for development finance organizations and prepared twelve economic development plans, including an award-winning revitalization plan for Boston’s Hyde Park Commercial District. His professional experience includes the design, management and evaluation of economic development finance programs, the financing and supervision of complex development projects, and the preparation of economic development plans and strategies.

Mr. Seidman’s accomplishments include:

  • Authoring laws that established two Massachusetts business finance agencies
  • Building a $120 million state real estate finance and development authority
  • Preparing over fifteen local and regional economic development plans; and
  • Participating in the national evaluations of federal and foundation economic and community programs.
Mr. Seidman holds a Master's degree in Public Policy from Harvard's Kennedy School of Government and a Bachelor's degree in political science from Amherst College. He is the author of over thirty-five consulting reports, articles in professional journals, a guide to urban commercial revitalization practice and the editor of a practitioner’s guide to defense conversion.
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Table of Contents

Part One Introduction
Chapter One Capital Availability and Economic Development
The Growing Field of Economic Development Finance
The Purpose and Design of This Book
The Role of Finance in the Economic Development Process
Capital Availability and Capital Market Imperfections
CAPITAL MARKET OPERATIONS, MARKET IMPERFECTIONS AND CAPITAL SUPPLY GAPS
Capital Market Imperfections and Their Implications for Economic Development Finance
A Framework for Expanding Capital Availability
Part Two The Basics of Business Finance
Chapter Two Financing Business Enterprises: The Role of Equity and Debt
Defining Debt and Equity
COMPARING EQUITY AND DEBT CAPITAL / KEY TERMS AND ISSUES IN EQUITY AND DEBT FINANCING / HYBRID FINANCING
Financing and the Stages of Firm Development
DATA ON SMALL BUSINESS CAPITAL SOURCES
The Use of Equity and Debt in Hypothetical Firms
Chapter Three An Introduction to Business Financial Statements
Accounting Concepts and Accrual Accounting
Financial Statements: The Balance Sheet
WHAT DO WE LEARN FROM THE BALANCE SHEET?
Financial Statements: The Income Statement
WHAT DO WE LEARN FROM THE INCOME STATEMENT?
Connecting the Balance Sheet and Income Statement
Chapter Four Analyzing Business Financial Statements
A Framework For Firm Evaluation
ASSESSING ECONOMIC DEVELOPMENT BENEFITS / BUSINESS PLAN EVALUATION / ANALYZING FINANCIAL CONDITION AND PERFORMANCE / FINANCIAL PROJECTIONS
Cash Flow Analysis
CONSTRUCTING A CASH FLOW STATEMENT / CASH FLOW ANALYSIS FOR CRYSTAL CLEAR WINDOW COMPANY / DETERMINING DEBT SERVICE COVERAGE
Ratio Analysis
PROFITABILITY AND OPERATING RESULTS / SHORT TERM LIQUIDITY AND CASH NEEDS / CAPITAL STRUCTURE AND DEBT CAPACITY /
Beyond Ratio Analysis
The Final Test: Preparing and Evaluating Financial Projections
Chapter Five Working Capital Finance
The Importance of Working Capital Finance
THREE MEANINGS OF WORKING CAPITAL / BUSINESS USES OF
WORKING CAPITAL / PERMANENT AND CYCLICAL WORKING CAPITAL

Forms of Working Capital Financing
LINE OF CREDIT / ACCOUNTS RECEIVABLE FINANCING / FACTORING / INVENTORY FINANCING / TERM LOAN
Sources of Working Capital for Small Businesses
Underwriting Issues in Working Capital Financing
Underwriting Issues in Working Capital Financing
Case Study: Crystal Clear Window Company
Underwriting Issues in Working Capital Financing
Case Study: Crystal Clear Window Company
Case Study: Crystal Clear Window Company
Chapter Six Fixed Asset Financing
Fixed Assets and Business Operations
Differences Between Fixed Asset and Working Capital Finance
IMPLICATIONS FOR FIRMS / IMPLICATIONS FOR LENDERS
Fixed Asset Debt Instruments
TERM LOANS / MORTGAGE LOANS / LEASEHOLD IMPROVEMENT LOANS / LEASING /
Sources of Fixed Asset Financing
FIXED ASSET FINANCING GAPS
Case Study: Phoenix Forge
Chapter Seven Real Estate Finance
The Real Estate Development and Finance Process
PREDEVELOPMENT PHASE / CONSTRUCTION AND DEVELOPMENT PHASE / OCCUPANCY AND MANAGEMENT PHASE / FINANCING PROCESS
Real Estate Financial Statements
DEVELOPMENT BUDGET / OPERATING PRO-FORMA / DETERMINING SUPPORTABLE DEBT AND EQUITY
Real Estate Debt Instruments
PRE-DEVELOPMENT FINANCING / CONSTRUCTION LOANS / PERMANENT MORTGAGE LOANS / MINI-PERM LOANS / BRIDGE LOANS / UNDERWRITING REAL ESTATE DEBT
Sources of Real Estate Financing and Capital Availability
Problems
Sources of Real Estate Financing and Capital Availability
Problems
v
FINANCING GAPS FOR DEVELOPMENT PROJECTS
Case Study: City Plaza
Part Three Policies To Perfect Private Capital Markets
Chapter Eight Loan Guarantee Programs
Loan Guarantees and Capital Availability
THE MYRIAD FORMS OF GUARANTEES / ADVANTAGES AND DISADVANTAGES OF GUARANTEES /
Small Business Administration 7(a) Program
State Loan Guarantee Programs
Capital Access Programs
Issues in the Design and Management of Guarantee Programs
GUARANTEE PROGRAM POLICY LEVERS / PROGRAM CHALLENGES AND BEST PRACTICES
Case Study: Massachusetts Emerging Technology Fund
Chapter Nine Bank Regulations And Development Banks
The Critical Role of Banks in Economic Development Finance
The Community Reinvestment Act
HISTORY AND OVERVIEW OF THE COMMUNITY REINVESTMENT ACT / USING CRA TO EXPAND CAPITAL AVAILABILITY / CRA'S IMPACT ON BANK LENDING / NEW CHALLENGES FOR THE COMMUNITY REINVESTMENT ACT / COMMUNITY REINVESMENT AND THE INSURANCE INDUSTRY
Bank Community Development Corporations
BANK CDC REGULATIONS / BANK CDC EXPERIENCE
Commercial Banks as Development Finance Institutions
CHALLENGES TO CREATING AND OPERATING A COMMERCIAL BANK / SPECIAL OPERATING REQUIREMENTS /
Case Study: Wilmington CRA Campaign
Part Four Institutional Models for Economic Development Finance
Chapter Ten Revolving Loans Funds
The Revolving Loan Fund Model
Revolving Loan Funds Characteristics and Performance
RLF CHARACTERISTICS / RLF PERFORMANCE
Design Issues for Revolving Loan Funds
TARGETING POLICY / FINANCIAL POLICIES / CAPITAL POLICIES / UNDERWRITING CRITERIA / DEVELOPMENT SERVICES / RELATIONSHIP BUILDING POLICIES
Management Challenges and Best Practices
BEST PRACTICES IN RLF MANAGEMENT
Chapter Eleven Venture Capital and Equity Investment Funds
The Private Venture Capital Industry
FUNDRAISING / INVESTING / EXITING INVESTMENTS / IMPLICATIONS FOR DEVELOPMENT FINANCE
The SBIC and SSBIC Programs
State Government Venture Capital Policy
Community Development Venture Capital
INDUSTY PROFILE / INDUSTRY TRENDS AND CHALLENGES
Addressing Venture Capital Challenges
STRATEGY CHALLENGES / OPERATING CHALLENGES / CAPITALIZATION CHALLENGES
Chapter Twelve Community-Based Financial Institutions
Community Development Loan Funds
CDLF CHARACTERISTICS / CDLF FINANCING ROLES / CDLF OPERATING CHALLENGES AND NEEDS /
Community Development Credit Unions
CDCU CHARACTERISTICS / CDCU LENDING AND DEVELOPMENT ROLES / CDCU OPERATING CHALLENGES AND NEEDS
Chapter Thirteen Microenterprise Finance
Three Models of Microenterprise Finance
PEER GROUP LENDING / INDIVIDUAL LENDING MODEL / TRAINING-LED MODEL
An Overview of the US Industry and Its Performance
PROGRAM PERFORMANCE / PROGRAM OUTCOMES / THE ECONOMIC DEVELOPMENT ROLE OF MICROENTEPRISE DEVELOPMENT
Design Issues and Management Challenges
Best Practices in Microenterprise Finance Development
MARKETING / TRAINING / TECHNICAL ASSISTANCE SERVICES
Case Study: Lawrence Working Capital
Part Five Federal and Municipal Government Finance Tools
Chapter Fourteen Federal Economic Development Programs
The Uses of Federal Economic Development Programs
Small Business Development Administration
PROGRAMS DELIVERED BY BANKS AND FINANCIAL INSTITUTIONS / PROGRAMS DELIVERED THROUGH SBA-APPROVED INTERMEDIARIES /
Department of Housing and Urban Development
COMMUNITY DEVELOPMENT BLOCK GRANTS / SECTION 108 PROGRAM / ECONOMIC DEVELOPMENT INITIATIVE
Community Development Financial Institution (CDFI) Fund
CDFI CERTIFICATION / CORE/INTEMEDIARY PROGRAM / SMALL AND EMERGING CDFI ASSISTANCE (SECA) PROGRAM / NATIVE AMERICAN CDFI TECHNICAL ASSISTANCE PROGRAM / NEW MARKET TAX CREDIT PROGRAM.
Economic Development Administration
PLANNING GRANTS / LOCAL TECHNICAL ASSISTANCE GRANTS / PUBLIC WORKS AND ECONOMIC DEVELOPMENT PROGRAM / ECONOMIC ADJUSTMENT ASSISTANCE PROGRAM / FUNDING PROCESS
Health and Human Services
Case Study: Financing an Inner-City Supermarket
Chapter Fifteen Municipal Finance Tools
An Overview of Municipal Debt
Economic Development Uses of Municipal Debt
Industrial Development Bonds
IDB CASE STUDY: NEW BOSTON SEAFOOD CENTER
Tax-Increment Financing
THE TAX INCREMENT FINANCING PROCESS / ECONOMIC DEVELOPMENT USES OF TIF / ISSUES IN TIF DEBT FINANCING /
Assessment District Financing and Business Improvement Districts
BUSINESS IMPROVEMENT DISTRICTS
Case Study: Downtown Orlando TIF District
Part Six Managing Development Finance Institutions
Chapter Sixteen Program Planning and Design
Defining Development Goals and Targeting Strategy
GROWTH FUND EXAMPLE
Assessing Demand
GROWTH FUND EXAMPLE
Analyzing Capital Market Supply and Identifying Financing Gaps
GROWTH FUND SUPPLY ANALYSIS
Implementation Needs and Resources
IMPLEMENTATION NEEDS FOR THE GROWTH FUND
Finalizing Program Strategy and Design
Case Study: Expanding an Urban Microloan Program pter Seventeen Managing The Lending And Investment Process
The Investment Process and Key Management Principles
PRINCIPLES FOR SOUND INVESTMENT MANAGEMENT
Marketing and Project Identification
MARKETING APPROACHES AND AUDIENCES / EFFECTIVE MARKETING PRACTICES
Project Screening
BEST PRACTICES FOR INVESTMENT SCREENING
The Underwriting and Commitment Process
BEST PRACTICES IN INVESTMENT-DECISION MAKING
Investment Servicing and Monitoring
SERVICING AND MONITORING OPTIONS / BEST PRACTICES FOR SERVICING AND MONITORING
Case Study: Portland Development Commission Industrial Site Loan Fund
Chapter Eighteen Raising And Managing Capital
Capital Management and Development Finance
Pricing Loans and Investments
Managing and Funding Losses
Raising New Capital
GRANTS AND EQUITY CAPITAL / DEBT SOURCES / MANAGING CAPITAL / ASSET SALES AND SECURITIZATION
Financial Modeling of Development Finance Institutions
COMPONENTS OF THE FINANCIAL MODEL / CREATING THE MODEL
Case Study: Raising New Capital for the Manufacturer's Fund
Part Seven Conclusions
Part Seven Conclusions
Part Seven Conclusions
Chapter Nineteen Economic Development Finance Practice and Its Future
Glossary
References

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