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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