Secretary of Commerce-Designate Mike Preston names Cheryl Schluterman Director of the Division of Arkansas Development Finance Authority

FOR IMMEDIATE RELEASE

For Media Inquiries:
Brandi Hinkle – Director of Communications
Arkansas Economic Development Commission
501-519-7382 mobile or [email protected]

Derrick Rose – Public Information Officer
Arkansas Development Finance Authority
501-682-5904 or [email protected]
 
Secretary of Commerce-Designate Mike Preston names Cheryl Schluterman 
Director of the Division of Arkansas Development Finance Authority 
 
Mike Preston, Arkansas Economic Development Commission (AEDC) Executive Director and newly-appointed Secretary of Commerce, announced today Cheryl Schluterman will be the Director of the Division of Arkansas Development Finance Authority (ADFA) when the agency becomes part of the Department of Commerce on July 1. Schluterman has served as interim president of ADFA since October 2018, and this appointment will make her position permanent.

“One of the goals of transformation was to improve the quality and delivery of services of agencies with similar missions,” said Governor Asa Hutchinson. “Addressing the housing and financial needs of our citizens improves both quality of life and economic opportunities. I am confident that the partnership with Secretary-Designate Preston and Director Schluterman will strengthen our ability to ensure those needs will continue to be met.”

Before taking on the role of interim president, Schluterman served as ADFA’s vice president for finance and administration, a position she held from 2013 through 2018. As part of Governor Hutchinson’s government transformation, AEDC and ADFA will become two of several agencies within Commerce in the new fiscal year. Others include the Division of Aeronautics, Arkansas Waterways Commission, Arkansas Wine Producers Council, Office of Skills Development, Workforce Services, Insurance Department, State Bank Department and Securities Department.

“I knew from the beginning that I wanted Cheryl in this role permanently,” Preston said. “She has a passion for promoting homeownership and affordable housing in our state. She brings experience in a variety of areas that will help us continue our mission of economic prosperity for all Arkansans.”

Schluterman said, “It is an honor to continue to serve the people of Arkansas. ADFA and AEDC have enjoyed a close relationship as we work toward common goals. ADFA will continue its mission of promoting homeownership and meeting the affordable needs of our citizens, encouraging economic development, and improving access to higher education funding for students.”

Schluterman is a certified public accountant and holds a master of accountancy and bachelor of science degree in business administration from Kansas State University.

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About the Arkansas Development Finance Authority (ADFA)
ADFA is the state's largest source of low-cost financing for low-to-moderate income housing development, small industries, government, education and healthcare. Through the issuance of taxable and tax-exempt bonds and notes, the administration of private and public grants and partnerships with state and federal agencies, ADFA gives Arkansans the most cost-effective financing choices possible.
 
About Arkansas Economic Development Commission (AEDC)
Created in 1955 to make Arkansas more competitive in the post-World War II era, the Arkansas Economic Development Commission (AEDC) seeks to create economic opportunity by attracting higher-paying jobs, expanding and diversifying local economies in the state, increasing incomes and investment, and generating positive growth throughout The Natural State. Arkansas is a pro-business environment operating leaner, faster and more focused through a streamlined state government designed to act on corporate interests quickly and decisively. For more information, visit www.ArkansasEDC.com.

Find AEDC news releases online at www.arkansasedc.com/news-events/newsroom.