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Rethinking Local Infrastructure Finance: UMD Smith Study Proposes New Model to Unlock Trillions in Institutional Capital

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COLLEGE PARK, Md., July 6, 2026 /PRNewswire/ — A new paper from the University of Maryland’s Robert H. Smith School of Business argues that America’s infrastructure shortfall—estimated at $3.7 trillion over the next decade—is not primarily a funding problem, but a structural design problem.

In “Rethinking Municipal Financing: A Hybrid Institutional Capital Model for Local Infrastructure Development,” Smith MBA (finance) candidate Anton Steshenko proposes a new funding framework that could channel pension fund and insurance sector capital into local infrastructure at scale.

“The challenge is not the absence of capital, but the absence of institutional architecture capable of deploying it at scale,” writes Steshenko. Despite roughly $60 trillion in U.S. pension fund assets, most local governments—especially small and mid-sized jurisdictions—cannot access this capital because their projects are too small, too fragmented, or too risky under current structures.

Hybrid Model to Bridge the Gap

Steshenko introduces the Hybrid Institutional Capital Model (HICM), a layered financing framework that blends public credit enhancement with private institutional investment.

The model integrates four components:

Project aggregation through local or regional intermediaries (such as green banks) to overcome the “deal-size gap” that keeps institutional investors out of small projects.Public first-loss capital—often 10–20% of project value—to de-risk senior tranches.Structured risk allocation across equity, mezzanine, and senior debt layers aligned with investor mandates.Institutional capital participation through standardized, investment-grade vehicles.

Steshenko notes that “public capital deployed as credit enhancement produces materially higher leverage than public capital deployed as direct lending,” citing evidence from blended-finance facilities and U.S. green banks.

Green Banks as the Missing Link

One of Steshenko’s key findings is that the United States lacks the intermediary institutions needed to translate local project pipelines into investable products. He points to the success of the Connecticut Green Bank, which has achieved a 6.7:1 leverage ratio on $463 million in public capital, and the Rockville, Maryland-based Montgomery County Green Bank (MCGB), the first county-level green bank in the nation.

Steshenko says these institutions demonstrate that relatively small amounts of public capital can unlock large volumes of private investment. “MCGB provides a partial loan guarantee—covering 20% of principal—to a participating commercial lender… The result: $2 million in private capital deployed for $200,000 in MCGB capital, a 10:1 leverage ratio.”

Such viability, he adds, is reinforced internationally, including by the UK Green Investment Bank, Germany’s KfW and Australia’s Clean Energy Finance Corporation.

Steshenko’s paper outlines a practical implementation roadmap for local governments, emphasizing:

Intermediary creation (municipal, regional or state-partnered green banks)Integration with federal programs such as the Transportation Infrastructure Finance and Innovation Act, the Water Infrastructure Finance and Innovation Act, and the $27 billion Greenhouse Gas Reduction FundPortfolio-level credit ratings to meet pension-fund requirementsLong-term governance independence to maintain investor confidence

Steshenko argues that his HICM can make $5-50 million projects—the vast majority of local infrastructure needs—investable for institutional capital for the first time.

Steshenko says his paper is especially timely, given that legislation such as the Inflation Reduction Act and Infrastructure Investment and Jobs Act has injected historic levels of funding but still covers less than half of the national need. Without new financial architecture, he adds, local governments will continue to face widening gaps in transportation, water systems, clean energy and climate resilience.

Nima Farshchi, Smith’s executive director of the Office of Experiential Learning and director of the Center for Social Value Creation, says Steshenko’s work “surfaces a critical insight: the barrier to modernizing America’s infrastructure isn’t a lack of capital, but a lack of design. The Hybrid Institutional Capital Model, he says, “shows how thoughtful financial architecture can translate community-level projects into investable opportunities for institutional partners. This is exactly the kind of evidence-based, socially meaningful innovation we aim to cultivate at Smith—research that gives local governments practical tools to unlock scale, resilience, and long-term value.”

The HICM offers a scalable, evidence-based model that does not require new federal legislation—only new institutional design, Steshenko adds. “The infrastructure financing gap is large. But it is not inevitable. The Hybrid Institutional Capital Model provides a design for that architecture.”

Read the paper, “Rethinking Municipal Financing: A Hybrid Institutional Capital Model for Local Infrastructure Development,” at SSRN.

About the University of Maryland’s Robert H. Smith School of Business

The Robert H. Smith School of Business is an internationally recognized leader in management education and research. One of 12 colleges and schools at the University of Maryland, College Park, the Smith School offers undergraduate, full-time and flex MBA, executive MBA, online MBA, business master’s, PhD and executive education programs, as well as outreach services to the corporate community. The school offers its degree, custom and certification programs in learning locations in North America and Asia.

Contact: Greg Muraski, gmuraski@umd.edu

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SOURCE University of Maryland’s Robert H. Smith School of Business

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HKAGE Showcases Gifted Students’ Learning Journeys at InnoCarnival 2026

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2 hours ago

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October 24, 2026

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Promoting “Technology for Good” Through Innovation and Creativity 

HONG KONG, Oct. 24, 2026 /PRNewswire/ — The Hong Kong Academy for Gifted Education (HKAGE) has been invited to participate in InnoCarnival 2026, organised by the Innovation and Technology Commission. Under the theme “Technology for Good, Innovation for All”, HKAGE will showcase the learning journeys of gifted students who have completed programmes on AI robotic arms, underwater archaeology, etc., demonstrating how technology can be harnessed to address societal needs.

Having proactively aligned its work with the education development strategies of the Education Bureau (EDB), HKAGE fully supports the EDB’s Blueprint for Digital Education in Primary and Secondary Schools, which seeks to advance the digital transformation of school education in Hong Kong. Building on its Talent Development Model, HKAGE systematically develops programmes, provides diversified learning experiences and engages in cross-sector collaborations to nurture gifted talents equipped with innovative capabilities, technological literacy, and a strong sense of social responsibility. At the exhibition this year, HKAGE will present how students applied knowledge gained through gifted education programmes and learning experiences in areas such as artificial intelligence, quantum computing, environmental science, underwater archaeology and sustainable development to design socially conscious solutions. These experiences reflect the students’ ability to serve society with knowledge and respond creatively to diverse challenges.

Among the highlights is the learning journey of students in the “Artificial Intelligence Course: Creative AI Robotic Arm for Inclusion”. After acquiring foundational knowledge in artificial intelligence, robotics and sensor applications, students designed, tested and refined intelligent robotic arm prototypes through real-time data analysis and algorithms. With the aim of improving the quality of life for the elderly and caregivers, students explored various application scenarios for intelligent robotic arms. Another showcase features the “Environmental Science Course: Bat Echoes – Voices of the Night”. Through acoustic monitoring, the exhibition demonstrates how students recorded bat voices and analysed related activity data and characteristics. The programme enabled students to gain a deeper understanding of local biodiversity and explore practical approaches to ecological conservation.

The HKAGE exhibition booth also features an interactive photo-taking device, allowing visitors to take photos with different gifted programme themes and share the joy of learning.

On the first day of the exhibition, a “Build Your Own Glider Parent-Child Workshop” is specially organised by HKAGE for the visitors. Under the guidance of instructors and assisted by HKAGE students, participants will learn the basic principles of aerodynamics, including lift, gravity, thrust and drag. They will also learn to design, assemble and decorate their own gliders by using lightweight and durable materials, experiencing the joy of science and engineering.

Mr WONG Chung Po, Acting Executive Director of HKAGE, said: “The Academy is committed to providing gifted students with diversified learning platforms and encouraging them to transform knowledge into innovative practices that generate positive social impact. Participation in this exhibition not only provides students with a valuable learning experience that helps consolidate the knowledge acquired in gifted programmes, but also enables the public to better understand how gifted education nurtures a new generation of creative and socially responsible talents to jointly advance the philosophy of ‘Technology for Good’.”

InnoCarnival 2026 – The Hong Kong Academy for Gifted Education

Date：

24 Oct – 1 Nov

Venue：

The Hong Kong Science Park

Booth：

C08-09

Time：

10:00 – 17:00 (Mon to Fri)

10:00 – 18:00 (Sat & Sun)

 

About the HKAGE

Established in 2008 and subvented by the Education Bureau, the HKAGE offers gifted education services actively to local primary and secondary school students to unleash their potential. It also provides gifted education-related information and support for teachers, parents, and other relevant stakeholders.

View original content to download multimedia:https://www.prnewswire.com/apac/news-releases/hkage-showcases-gifted-students-learning-journeys-at-innocarnival-2026-302918606.html

SOURCE Hong Kong Academy for Gifted Education

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LEAP Group Relaunches HumanView, a Growth Intelligence System Built to Explain Why Customers Behave the Way They Do

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9 hours ago

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October 24, 2026

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Reimagined from the ground up, HumanView pairs statistical modeling with expert analysts to turn millions of real-world customer signals into business decisions

LOUISVILLE, Ky., Oct. 23, 2026 /PRNewswire/ — LEAP Group today announced the relaunch of HumanView, its growth intelligence service. The new version has been rebuilt from the ground up and now has a dedicated home at leapgroupnetwork.com/humanview.

HumanView analyzes what customers say and do across social platforms, e-commerce sites, review platforms, search behavior and user-generated content, including signals from Reddit, TikTok, YouTube, Meta, Amazon and Walmart+ that general AI tools cannot always access. Because the data reflects unprompted, real-world behavior, it avoids the response bias built into surveys and focus groups.

The service works in three layers. HumanView captures signals at scale, decodes millions of records through validated statistical models such as regression, correlation and clustering, and then relies on experienced analysts to interpret the patterns. Clients receive clear, human-validated insights instead of another dashboard.

“Machines find the patterns. Humans find the point,” said Alan Gilleo, CEO at LEAP Group. “The first version of HumanView showed us how much customers reveal when nobody is asking them questions. This version is built to explain why they act the way they do, and to put those answers in front of everyone making decisions, from product to service to marketing.”

HumanView focuses on three areas:

Growth Intelligence: customer motivations and how people perceive a brand and its competitors

Market and Category Intelligence: product pain points, service friction, unmet needs and competitive gaps

Audience Intelligence: new segments, positioning opportunities and gaps in the market

Every model is designed and validated by data scientists and benchmarked before it informs a recommendation.

To learn more about HumanView, visit leapgroupnetwork.com/humanview.

About LEAP Group
LEAP Group is a boutique marketing agency holding company with offices in Louisville, Indianapolis, Cincinnati and Chicago. Guided by the belief that brands should “Market Less. Matter More.,” LEAP gives clients access to specialized experts across its entire network. Learn more at leapgroupnetwork.com.

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SOURCE LEAP Group

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STEPHEN A. SMITH ADDRESSES WHITE HOUSE DINNER ATTENDANCE, REAFFIRMS COMMITMENT TO HBCUs AND PROTECTING CORPORATE INVESTMENT IN BLACK EDUCATION

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10 hours ago

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October 24, 2026

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NEW YORK, Oct. 23, 2026 /PRNewswire/ — Stephen A. Smith, media mogul, New York Times bestselling author, and proud 1991 graduate of Winston-Salem State University, is addressing the public discussion surrounding his decision to attend a White House dinner with President Donald Trump, emphasizing his commitment to the long-term financial stability of Historically Black Colleges and Universities (HBCUs).

For Smith, the decision was rooted in a commitment to institutions that have educated generations of Black leaders, professionals, entrepreneurs, and public servants.

“I will always advocate for HBCUs and the students whose futures depend on them,” Smith said. “My reason for attending the White House dinner was to discuss the challenges these institutions face in securing long-term funding and to make the case that corporate America must continue to invest in them.”

Smith acknowledged federal support through the FUTURE Act while expressing concern that political tensions surrounding diversity, equity, and inclusion (DEI) could discourage private companies from supporting HBCUs. He maintains that these institutions deserve sustained corporate partnerships, philanthropic contributions, and public investment.

“If we truly believe in free-market capitalism, businesses should be able to support educational institutions and charitable causes without fear of criticism or repercussions,” Smith said. “HBCUs have made extraordinary contributions to this country. They deserve sustained public and private investment.”

Ashley Christopher, Esq., Founder and CEO of the HBCU Week Foundation, recognized Smith’s advocacy and decision to engage with the administration.

“Stephen A. Smith has been a powerful advocate for HBCUs, using his platform and influence to shine a national spotlight on our institutions,” expressed Christopher, “His continued support of HBCU Week helps advance our mission of connecting students with life-changing educational opportunities, and we are proud to have him as our ambassador.”

Since Smith became an HBCU Week Ambassador in 2019, the initiative has facilitated more than 15,000 on-the-spot college acceptances and raised and awarded more than $150 million in scholarships, according to the HBCU Week Foundation.

As public discussion continues, Smith is emphasizing the importance of ensuring HBCUs have the resources and partnerships needed to educate future generations and expand opportunities for students.

CLICK HERE to watch Smith’s full response to his White House visit.

MEDIA CONTACT:

media@mrsasinc.com

View original content:https://www.prnewswire.com/news-releases/stephen-a-smith-addresses-white-house-dinner-attendance-reaffirms-commitment-to-hbcus-and-protecting-corporate-investment-in-black-education-302918547.html

SOURCE Straight Shooter Media

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