Week 4: Getting to the Finish Line

Week 4 of the Small Developer Bootcamp, hosted by the Incremental Development Alliance,  brought everything together. After learning how to read zoning, shape a building, and test feasibility, participants turned their attention to the final, often most intimidating, piece of the development puzzle: how to assemble the money, people, and processes needed to get a project built.

Workshops focused on the capital stack, partnerships, lender relationships, and the practical steps that move a project from concept to construction. For participants working in Gary, these topics were especially important. The city’s appraisal challenges, cash-heavy market, and scattered-site conditions mean that small developers must be creative, persistent, and strategic in how they finance and structure their deals.

Here’s what participants learned.

How Projects Get Funded

The capital stack is the combination of funding sources that make a project possible. Participants learned that no single source (bank loans, equity, grants, or personal savings) can usually carry a project alone. Instead, developers must layer different types of capital, each with its own expectations and risks.

In Gary, this often means blending:

• Senior debt from local banks or credit unions

• Equity from the developer or partners

• Gap funding from CDFIs or mission-driven lenders

• Public incentives when available

• Sweat equity, which is often the most valuable contribution a small developer brings

Participants explored how each layer works, how lenders evaluate risk, and how to structure deals that are both feasible and fair. They also learned that in cities like Gary, where appraisals often come in low, gap funding and flexible lenders are not luxuries; they’re necessities.

Why Relationships Matter More Than Spreadsheets

A major theme of the day was the importance of building strong relationships with lenders. Participants learned that small-scale development is about trust. Local banks, credit unions, and CDFIs are often more willing to support small projects because they understand the community and can see the long-term value of incremental development.

In Gary, institutions like Everwise Credit Union, Intend Indiana, IFF, and Cinnaire are already active in the region. These lenders can be powerful partners for small developers, especially when traditional banks hesitate due to appraisal gaps or perceived neighborhood risk. Participants learned how to present a project to a lender, how to explain their assumptions, and how to demonstrate that they understand the risks and rewards of their own deal.

Structuring Partnerships That Work

Week 4 also focused on partnerships; how to form them, how to value contributions, and how to avoid common pitfalls. Participants learned that partnerships are not just about money. They can include land contributions, construction expertise, project management, or community relationships. The key is to clearly define roles, responsibilities, and returns from the beginning.

For Gary developers, partnerships can be especially powerful. A landowner might contribute a vacant lot; a contractor might reduce costs in exchange for equity; a nonprofit might bring access to grants; a CDFI might fill the appraisal gap. These collaborations can make otherwise impossible projects feasible.

Participants also learned that partnerships require clarity and boundaries. A poorly structured partnership can create confusion, conflict, or financial risk. A well-structured one can accelerate a developer’s growth and spread opportunities across the community.

Permits, Predevelopment, and Project Management

The final part of the session focused on the practical steps that carry a project from idea to reality. Participants learned about predevelopment tasks, which include surveys, environmental checks, architectural drawings, engineering, and permit applications. They also explored how to manage timelines, coordinate with contractors, and anticipate delays.

In Gary, these steps can be both opportunities and challenges. The city’s permitting process is improving, but small developers still need to be proactive, persistent, organized, and communicative. Building inspectors, zoning staff, and local officials can be invaluable allies when approached early and respectfully. Successful developers don’t wait for problems; they build relationships that help prevent them.

Gary’s Future

Week 4 underscored a truth that resonates deeply in Gary: small-scale development is not just about building structures, it’s about building capacity. When residents understand how to assemble capital, form partnerships, and navigate the development process, they gain the power to shape their own neighborhoods.

Gary’s challenges, which includes low appraisals, scattered vacant lots, aging infrastructure, are real. But so are its opportunities. The city has land, demand, and a growing network of local developers who care about equitable revitalization. With the right capital stack, the right partners, and the right support, these developers can bring new housing, new businesses, and new energy to blocks that have been waiting for investment.

Week 4 gave participants the tools to move from planning to action. It showed them that getting to the finish line is about more than having deep pockets, but about having deep relationships, clear strategy, and the persistence to keep moving forward.

Next Steps

Participants will be emailed a “Pitch Package Workbook” to begin building out a pitch package for investors, funders, and potential partners. Presentation dates will be announced soon.

This training is made possible by a grant from the Legacy Foundation's John S. and James L. Knight Donor Advised Fund.