Loan amounts range from $10,000 to $150,000 (may be higher in certain circumstances).
May be used for working capital needs; property and equipment; remodeling; inventory; or to purchase an existing business. Additional uses may be considered.
Typically, interest rates range from 6% to 8%. Rates determined at time of loan application depending on loan program and current interest rate environments.
Flexible terms generally 5-20 years depending on use of funds and useful life of collateral being financed.
Loans are collateralized with available assets with flexible coverage levels and subordinate collateral positions. Personal assets may be required.
Fees include a 1%-2% origination fee, $100 Credit Report fee due with the loan application and other closing costs as may be determined at time of loan closing.
Business development and technical assistance services are available the application process, as well as over the life of the loan.
Although many of Headwaters' services are free of charge, it is important to understand that in order to facilitate a productive counseling session, the client should develop as much information as possible about the business they would like to start or expand.
1. Contact Headwaters RC&D Area, Inc. Loan Officer to determine preliminary qualifications and documentation needed to
complete the loan application process:
Janice Copeland, Loan Officer
Phone: 406.533.6778 or 406.782.7333
Fax: 406.782.9675
Email: .(JavaScript must be enabled to view this email address)
2. Gather required documentation:
Headwaters Loan Officer will work with you to analyze your loan request and ask you to complete our loan application,
provide financial information, including a list of project costs. All of Headwaters loan programs require a Business Plan.
At this point you may be referred to Headwaters Small Business Development Center (SBDC) for assistance in developing
and/or reviewing your business plan. Need for other application documentation will be determined. An appraisal or
determination of value will be required for all real estate related requests, as well as environmental information.
3. Loan Underwriting process:
Once it is determined that your loan application is complete, the underwriting process begins to determine financial
eligibility and determine that sufficient collateral is available to meet specific program requirements.
4. Loan Approval process:
Once it is determined that the loan application meets the specific program requirements, including meeting all fiscal and
job creation/retention thresholds, a Credit Request is presented to Headwaters Loan Review Committee (LRC). All of
Headwaters loans are approved by a nine (9) member LRC comprised of members from a variety of occupations and from
throughout Headwaters seven (7) county economic development area.
5. Loan Closing:
Once a loan is approved by Headwaters LRC, the closing process begins; needed collateral valuations are requested; title
commitments (if real estate is involved); and any other required documentation must be received by Headwaters prior to
execution of loan documents. At this point, loan documentation is executed and the funding process is completed.
The entire loan application process from beginning to loan closing may take up to 30-45 days depending on the complexity of the loan
request, as well as the time needed to develop an acceptable business plan. It is the desire of Headwaters to expedite a loan request,
as well as structure the request to meet the financing needs of the loan applicant. We are dedicated to providing the technical
assistance necessary to meet our common goals.
- CPA Prepared Financial Statement for most recent 3 years of operation.
- Current Financial Statement within 60 days of loan application.
- Existing Debt Schedule.
- Current Aging of Accounts Receivable and Accounts Payable.
- Most recent 3 years Business Federal Income Tax Returns.
- Resume.
- Personal Financial Statement(s).
- Most recent
- 3 years Federal Income Tax Returns.
- Personal Credit Check Release
The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, gender, religion, age, disability, political beliefs, sexual orientation and marital or family status. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact the USDA’s TARGET Center at (202) 720-2600 (voice TDD).
To file a complaint of discrimination, write USDA, Director Office of Civil Rights, Room 326 W. Whitten Building, 14th & Independence Ave. SW, Washington, D.C. 20250-9410 or call (202) 720-5964 (voice TDD). USDA is an equal employment opportunity employer.
