Loan to Detroit Achievement Academy paves way for more lending in Michigan

Loan to Detroit Achievement Academy paves way for more lending in Michigan

Detroit Achievement Academy (DDA), IFF’s first loan client in Michigan, is in the spotlight following Madonna’s June 30 news that she will contribute to three organizations in the city, including the charter school. The pop star will provide DDA with new equipment and art and music supplies, including speakers, iPods, iPads, and Smart Boards for each classroom.

IFF’s $17,500 in financing to DDA covers the cost of computers, technology, and furniture. The loan is improving the charter school’s cash flow and establishing its credit history with lenders, which will help with its move to a larger site once enrollment grows. The school plans to expand up to 12th grade in the years ahead and currently leases the educational wing at Bushnell Congregational Church, in the Rosedale Park and Grandmont neighborhoods on the city’s northwest side.

“Partnering with IFF was one of the best decisions we made in our first year,” said Kyle Smitley, DDA co-founder and executive director. “They were professional and exemplified a perfect mix of using best practice business policies, but also taking the time to walk us through things that we had questions about. To say that we recommend them would be a dramatic understatement.”

Financing for 10 other projects is in the works for IFF, including affordable housing, youth services, health care, and community development. Recognizing the growing real estate needs of nonprofits, IFF added senior loan officer Bryan Kieler June 23 to join Executive Director Kirby Burkholder and Director of Real Estate Services Ja’Net DeFell in the Michigan office. Previously at Huntington National Bank in Detroit, Bryan managed a loan portfolio of mostly Low Income Housing Tax Credits projects, in addition to New Markets Tax Credits and Historical Tax Credit opportunities.

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