Meet The Team
Tom Sandquist was elected Executive Director of RCIF in February, 2022. He practiced law with a local firm for 33 years. A significant part of his legal practice involved representing lenders in both commercial and consumer transactions. He brings RCIF extensive knowledge and experience gleaned from his practice over the years; and also brings a knowledge of and commitment to the community. He has worked his entire career in RCIF’s Target Market and been involved with a number of charitable community organizations since the late 1980’s.
RCIF is fortunate to be supported by the staff of Rockford Local Development Corporation (visit site)
RLDC has operated as a Certified Development Company in Rockford since 1979, and has had the same Executive Director, John Phelps, since 2001. Mr. Phelps serves on RCIF’s Board. The RLDC staff members primarily providing support will be Mr. Phelps, and Debbie Kimes, Chief Financial Officer of RLDC since 2007.
Under the leadership of John and Debbie, RLDC has originated and serviced an SBA loan portfolio which currently totals $56 Million. It also manages several revolving loan funds (RLF) for the City of Rockford, and the County of Winnebago. These RLF currently total $9.25 Million. RLDC recently received a $1.6 Million grant from the Economic Development Administration to operate a RLF providing Covid relief refinancing to local businesses. It was the only grant of this kind awarded in the State of Illinois.
RLDC staff has demonstrated an ability to roll out new and innovative programs and services. It has been instrumental in bringing several major projects to the Rockford area, and specifically to the following projects in RCIF’s Target Market: financing the opening of a supermarket in a food desert; financing the renovation of a dilapidated, historic building into a regional policing center; partnering with the City to help acquire and raze homes to remediate a chronically flood ravaged area; financing the redevelopment of a vacant commercial building and adjacent lots into a medical clinic and residential condominium development; and the financing and construction of a conference center attached to a hotel developed out of an old, vacant industrial building.
The RCIF Team looks forward to working with its borrowers and partners to make a real difference in Rockford, and especially in the low and moderate income neighborhoods which make up its Target Market.