TRICORP

TRICORP BUSINESS DEVELOPMENT LOANS

Tribal Resources Investment Corporation (TRICORP) is an Aboriginal Capital Corporation.  TRICORP administers a revolving loan fund which is operated to be self-supporting.  TRICORP’s service area extends east-west from Haida Gwaii (Queen Charlotte Islands) to Burns Lake and south-north Hartley Bay to the Yukon Border.

TRICORP is an organization offering a full range of services and expertise under a single umbrella, which include:

• Flexible financial assistance

• Personal and flexible service delivery

• Applications are reviewed on their own merit

• Business and financial advisory services

• Managerial and technical advise

• Employer Benefit Loans

• Workstations for research

 


BUSINESS LOAN PROGRAM CRITERIA


Criteria to qualify for financial assistance includes (but is not limited to) the following:

• Aboriginal Ancestry – applicant must be Aboriginal (status, non-status), Inuit or Métis.  Loans may be made to individuals, partnerships, companies and joint ventures which are at least 51% owned and controlled by First    Nations.

• Equity – minimum of 15% equity contribution of which 10% must be cash.

• Experience – skills, training and certification of applicant will be assessed to determine the viability of the proposed venture.

• Business Plan – essential tool to show the potential and future of the proposed venture.  A worksheet outlines the key elements of a business plan can be found on our website.

• Sources of financing/collateral – confirmation of complete project financing and collateral are requirements of every loan.

• To access the funding as a Youth (under the age of 36) you will have to show 10% Cash Equity of the Total Project Cost. 

• To access the funding as a Non-Youth (36 years of age and over) you will have to show 15% Cash Equity of the Total Project Cost

*Note:  Because we make the decision on whether to fund the business or not, we cannot assist you with the business plan for we would be in conflict.  We have prepared the business plan template to assist you, the template outlines all the types of information that we need to see in the business plan.

Loans are available to individuals, groups, partnerships, organizations, communities, co-operatives and corporations.  Both new and existing businesses are eligible and funds may be used for capital financing, operating loans or bridge financing.  Business activities funded by TRICORP must be commercially viable.  Projects proposed to take place on reserve require written support of the Band’s Development Corporation.  Where the project involves Band land or resources, written support of the Band Council must be provided via BCR. Repayment can be structured to suit the borrower and the principal must be reduced annually. Interest rates for loans are not less than the prime lending rate.

One program (provided that the borrower qualifies) has a forgivable portion.  Loan programs can be syndicated; each program has different criteria and funding levels.
If you are interested in starting your own business, the first contact person is the Business Development Officer.  The contact information is as follows:  (250) 624-3535 or 1-800-665-3201 or visit the TRICORP website at www.tricorp.ca for specific information.

The following business activities are in-eligible for support that involves alcohol, tobacco, gambling, pornography, cash store, and passive investments (real estate) or any other activity where the applicant is not fully involved.

 


First Citizens’ Fund


Maximum lifetime loan of $75,000 principal ($76,125 with 1.5% borrower’s fee) for individuals, and the maximum lifetime loan for communities is $225,000 principal ($228,375 with 1.5% borrower’s fee); the $225,000 ($75,000 x3) cannot be accessed all at once, it is to be utilized three times for three different projects.

• Provided that you make all of your repayments, you repay 60% of what you borrow under the First Citizens’ Fund and 40% is the forgivable portion.

• Professional aftercare services are incorporated into each loan

• will assess all loan applications to ensure viability and to confirm they meet the criteria for the FCF loan program;

• may approve or decline loans, establish terms for repayment, set security requirements and obtain necessary legal documentation; and

• is also responsible for the collection of loans, including the initiation of legal action, if necessary.

There are specific eligibility requirements pertaining to the applicant's ancestry, percentage of ownership of the business, location of the business, equity and security. Please contact the TRICORP Business Development Officer to see if your project meets the criteria for the First Citizens' Fund program.

 


TRICORP Loan Fund


The purpose of the TRICORP loan fund is to enhance First Nations economic development through the start-up, expansion and/or upgrading of First Nations businesses.

• Maximum loan of $100,000 with 2% borrower’s fee.

• Interest rate of 11% (fixed)

• Professional aftercare services are incorporated into each loan.

• will assess all loan applications to ensure viability and to confirm they meet the criteria for the loan program;

• may approve or decline loans, establish terms for repayment, set security requirements and obtain necessary legal documentation; and

• is also responsible for the collection of loans, including the initiation of legal action, if necessary.

There are specific eligibility requirements pertaining to the applicant's ancestry, percentage of ownership of the business, location of the business, equity and security. Please contact The TRICORP Business Development Officer to see if your project meets the criteria.

 


NRT Equity Matching Program


The NRT Equity Matching Program will contribute up to a maximum of $5,000 per individual & $25,000 per community project.  This program is available to all BC First Nations (status and non-status) conditional on the ACC approving a term loan (debt financing) for the client and is non-repayable.
(e.g. If your project costs required only $3,000 for equity, the program will match your $3,000 to contribute to the project.)
* There is an eligibility requirement for this contribution that will be discussed upon contact.

 


Aboriginal Business Equity Program


Tribal Resources Investment Corporation (TRICORP) is pleased to announce the expansion of its economic development activities with the addition of the Aboriginal Business Equity Program (ABEP).  

The ABEP will consider non-repabable contributions to Aboriginal clients for eligible capital and business support to start, expand or acquire a viable business.  Non-repayble contributions for business plans, marketing and other related business support services will also be considered.  The ABEP may contribute up to a maximum of $99,999 for individuals and incorporated businesses, and up to $250,000 for community owned businesses, based on a viable business plan and subject to other financing being in place.

Our application package can be found below, please contact our Business Development Officer David Parnell if you have any questions.


Download the business application package below:

Tricorp Loan ApplicationDownload

Application form for applying to access the First Citizens' Fund or the Tricorp Loan fund.


Projected Cash Flow sheet Excel versionDownload

Fillable Excel spreadsheet.


FCF Application ChecklistDownload

Checklist of required information and documentation needed for an application to either the First Citizens' Fund or the Tricorp Loan Fund.


Business Plan TemplateDownload

A guide that outlines what information needs to be included in a business plan. This document is to be used as a working document. A filled in copy of the business template will not be accepted as a business plan.


 

 

Web Design by Turtle Island Consulting