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 $1.2 million. A
nine member board of directors oversees the HRFC and
a loan committee reviews applications brought forth by
staff.
Recent Accomplishments:
In fiscal year
2007-2008, $610,000 was disbursed for new loans serving
businesses in the Region for purposes of start-up, business
expansions, new technology, and maintaining essential
business services. Over the entire life of the
revolving loan fund, over 2,500 jobs have been created
and over 1,000 jobs have been saved in the five-county
region. HRFC
also contracts with other agencies and municipalities
to assist with administration of their loan fund programs.
New Loan Applicants
Existing Borrowers
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