FAST FACTS

• In its first five years of operation, the Headwaters Fund has infused a total of $8.4 million into the local economy. 
• Because of interest earned on loans and undisbursed funds, in those five years, the fund has actually grown from $18.4 million to almost $21 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 12/31/08 the balance was over $6 million.
• Over the past five years, the Headwaters Fund has granted an average of $256,000 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.
• 2009 was the most competitive year of the grant cycle to date, with the greatest number of applications and the greatest total amount being requested. (22 applications requesting a total of $1.3 million)

Revolving Loan Fund (RLF)

• The Revolving Loan Fund is $8 million.  The Headwaters has contracted with two lending institutions - Arcata Economic Development Corporation (AEDC) and Redwood Region Economic Development Corporation (RREDC) to loan these funds. The contract with AEDC is for $1.5 million and with RREDC it is for $3 million.
• As of 6/30/08, a total amount of $3.3 million has been loaned from the RLF. Due to these loans, 78 new jobs have been created and 258 jobs have been retained.
• No loan made through the RLF has ever defaulted.

Community Investment Fund CIF)

• The CIF was initially created with $5 million as an expendable fund. As of 12/31/08, the balance was $4.2 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 waters districts.