New president named for Arkansas Development Finance Authority

Bryan Scoggins has been named president of the Arkansas Development Finance Authority (ADFA). Scoggins comes from his present position as Arkansas Economic Development Commission (AEDC) director of Business Finance. Both agencies are within the new Department of Commerce.

The announcement was made Thursday (Aug. 15) by the ADFA Board of Directors at their monthly meeting. Scoggins succeeds Cheryl Schluterman who has served as president since October of 2018. Scoggins will assume the role as president immediately.

“I am pleased that Bryan Scoggins will serve as the next president of the Arkansas Development Finance Authority,” Gov. Asa Hutchinson said in the statement. “Having served at ADFA previously in his career and along with extensive finance experience at AEDC, Bryan is uniquely capable and is already an integral part of the state’s business finance efforts.”

Scoggins initially worked at ADFA in 1989 and was tasked with performing credit analysis on potential industrial revenue bond transactions. He has held his position as director of Business Finance for AEDC since 2001 with a primary focus on the Bond Guaranty Program, Community Development Block Grant Loan to Industry program and administration function oversight of AEDC’s Incentive Program.

“I am delighted that the ADFA Board of Directors selected Bryan to lead the division as president,” said Commerce Secretary Mike Preston. “He is the perfect choice to continue the principle initiatives of expanding job opportunities and supporting affordable housing in Arkansas.”

Scoggins led the charge for implementing several finance-related programs and initiatives at AEDC including the Governor’s Quick Action Closing Fund, Equity Investment Tax Credit Program and the State New Market Tax Credit Program. He also served as point for federal economic development initiatives such as Opportunity Zones and the Federal New Market Tax Credit Program.

Scoggins holds a bachelor’s degree in banking and finance from the University of Arkansas.