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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 $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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