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IFF briefs Kent County committee on revolving loan fund; approvals usually take 30–60 days
Summary
At the March 10 meeting, David de Velder of IFF reviewed the Kent County Revolving Loan Fund, telling the committee that approvals typically take 30–60 days (up to 90 to close), and discussed pipeline status and strategies to increase investment.
David de Velder of IFF told the Kent County Revolving Loan Fund Committee on March 10 that the fund serves housing and childcare projects and that IFF’s work includes supporting emerging developers and conducting two-year financial reviews.
"Approval can take 30–60 days with up to 90 days to close," David de Velder of IFF said, noting that timing depends on the complexity of each project. De Velder also reviewed the committee’s loan pipeline and summarized the current fund balance and remaining available funds.
Commissioner Carol Hennessy asked how long the loan process takes; De Velder reiterated the 30–60 day approval window and the potential for longer closing timelines.
Committee members discussed ways to increase investment in the revolving loan fund. Chair Ryan Kilpatrick said there was limited time at the meeting to fully develop strategies and asked for volunteers to form a working group to continue the conversation. Monica Steimle-App of Rockford Construction said she wanted to remain involved in future strategy discussions.
The minutes record that Al Vanderberg, the county administrator, left the meeting at 2:27 p.m. The meeting materials list the meeting start at 1:00 p.m., while the minutes state the meeting was called to order at approximately 2:00 p.m.; the committee adjourned at approximately 3:00 p.m.
Haley Stichman, the community development coordinator, noted scheduling conventions and the tentative quarterly meeting dates recommended for 2026.
Next steps identified by the committee include forming the volunteer working group to pursue strategies to grow the fund and continuing review of the loan pipeline at upcoming meetings.
