To: Board of Supervisors
From: County Administrative Office
Agenda Section: Consent
SUBJECT:
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Headwaters Fund Board's Recommended Extension of Temporary Amendments to the Headwaters Fund Revolving Loan Fund Business Resilience Emergency Loan Fund (4/5 Vote Required)
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Approve extending the end date of the Headwaters Fund (HWF) Business Resilience Emergency Loan Fund (BRELF) and all related documents as approved by your Board on April 28, 2020 from October 28, 2020 through June 30, 2021 (4/5 vote required).
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SOURCE OF FUNDING:
Headwaters Funds 3843 and 3846
DISCUSSION:
On September 16, 2020, the HWF Board voted to recommend extending the BRELF through June 30, 2021. On April 28, 2020, your Board approved the Headwaters Fund Board recommended changes to HWF Revolving Loan Fund (RLF), Fund-3843, and Community Investment Fund (CIF), Fund-3846. The changes are collectively known as the Business Resilience Emergency Loan Fund.
The changes were approved in response to business disruptions caused by the COVID-19 pandemic. Your Board approved the changes for six months by which time the HWF Executive Director and staff were to present the results of the changes to the HWF Board for their determination whether to make further recommendations to your Board for your review and approval.
The recommended extension of the changes to the HWF RLF and CIF will allow the Arcata Economic Development Corporation (AEDC) and Redwood Region Economic Development Commission (RREDC) to continue to have Headwaters funding available requiring less match and additional available capital to assist businesses in Humboldt County.
FINANCIAL IMPACT:
There is no financial impact to the county General Fund. The Headwaters Fund has funds available in the RLF and your Board's previous action approving the BRELF made additional funds available to AEDC and RREDC for loans and grants to local busi...
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