Project loans are long-term loans for infrastructure and industrial projects based on the projected cash flows of the project rather than on the sponsor’s balance sheet. Project finance structures typically include a number of equity investors, called ‘sponsors’, and a ‘syndicate’ of banks and other credit institutions that provide financing for the project. In most cases, these are non-recourse loans that are collateralized by project assets and paid entirely out of project cash flows rather than general assets or the creditworthiness of the project sponsor, a decision partially supported by financial modeling. See Project Finance Model.