FAST FACTS

  • In its first eight years of operation, the Headwaters Fund has infused a total of $12.7 million into the local economy. 
  • That $12.7 million has leveraged close to $40 million in additional funds.
  • Because of interest earned on loans and undisbursed funds, in those seven years, the fund has actually grown from $18.4 million to over $19 million.

Grant Fund

  • The grant fund disbursement amount is determined annually and is based on the interest from the liquidity fund. The liquidity fund was started with $5.4 million. As of 6/30/10 the balance was over $6 million.
  • Over the past five years, the Headwaters Fund has granted an average of $276,000 per year in grant fund awards.
  • The smallest grant awarded was $6,767 for an automated card fueling system for the Garberville airport.
  • The maximum grant awarded was $146,000 for a simulation center for training medical professionals.
  • In any given year, on average, 50% of grant requests have been awarded.

Revolving Loan Fund (RLF)

  • The Revolving Loan Fund is $8 million.  The Headwaters Fund has contracted with two lending institutions - Arcata Economic Development Corporation (AEDC) and Redwood Region Economic Development Commission (RREDC) to underwrite business loans. The contract with each organization is for $3 million.
  • As of 6/30/10, a total amount of $4.7 million has been loaned from the RLF. Due to these loans, 130 new jobs have been created and over 200 jobs have been retained.
  • As of 6/30/10 there have been no loan losses.

Community Investment Fund CIF)

  • The CIF was initially created with $5 million as an expendable fund. As of 12/31/10, the balance was close to $3 million.
  • Community Investment Fund applications are accepted year-round and reviewed on a monthly basis.
  • Total transportation infrastructure spending in the first five years of the Headwaters Fund was $1.6 million. These funds went to providing highway network access, local airport improvements and the plan for the modernization of Redwood Dock.
  • The largest loan ever made by the Headwaters Fund was $1.8 million to the City of Rio Dell for water system infrastructure rehabilitation.
  • A newly identified priority area for the fund is predevelopment grants and loans for small water districts.

$20,000 is now available annually in mini-grants for local programs and projects to promote economic development. Headwaters Mini-Grants are available in $1,000 -$1,500 increments and request letters are accepted on an ongoing basis. See the link below for more information.

Mini-Grant Program

Recently approved $200,000 grant for mariculture expansion on Humboldt Bay. Developed by local oyster farmers in collaboration with the Humboldt Bay Harbor Recreation and Conservation District, the grant pays for permitting additional acreage in the bay for mariculture. This project should result in doubling the available acreage from the 325 currently in production to over 600 and result in at least 33 additional jobs.

Mariculture Expansion Proposal