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HRFC

Mission:

The mission of the HRFC is to be a catalyst for business and economic development in the Headwaters Region.  The HRFC accomplishes its mission by providing “gap” financing to new and expanding businesses, and supporting and coordinating projects with private lenders and other economic development assistance providers.

Financing Focus:

  • Businesses seeking to finance the purchase of state-of-the-art technology.
  • Working capital needs to increase the productivity and competitiveness of businesses.
  • Projects that will increase wealth and prosperity of employers, employees and communities through job creation and/or wage growth.
  • Businesses providing essential services to small rural communities at risk of losing such services.

Description:

Headwaters Regional Finance Corporation (HRFC) is a subsidiary of HRDC with responsibilities of administering the revolving loan fund for business development.  The fund has been in existence since 1979 at which time it was run by an outside agency on HRDC’s behalf.  The fund was capitalized through a series of grants from the federal Economic Development Administration (EDA) and currently operates with an asset base of $3.7 million.  A nine member board of directors oversees the HRFC and a loan committee reviews applications brought forth by staff.

Current Board:

  • Rick Rone - Chair
  • Roger Stewart - Vice Chair
  • Joe Vene - Secretary
  • Ken Raw - Treasurer
  • Joann Fredrickson
  • Dennis Zeto
  • Louella Fraser
  • Bruce Meade
  • Cliff Tweedale - Executive Director, non-voting

Loan Committee:

  • Rick Rone - Chair, ex-officio member
  • Roger Stewart
  • Ken Raw
  • Louella Fraser
  • Bruce Meade
  • Cliff Tweedale - Non-voting member

Recent Accomplishments:

In fiscal year 2009-10 the HRFC approved four loans totaling $396,500 for the purpose of working capital needs, building improvements and business expansion.  Throughout the loan fund’s history, 3,533 jobs have been created and/or saved.  We continue to build partnerships with the lenders in our five county region providing necessary gap funds to bring about economic growth.

New Loan Applicants

Existing Borrowers

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