"Our vision for our people: Economic Self-reliance."
Since its inception, TRICORP has contributed to the prosperity and self-reliance at the individual and community level by providing business loans totalling $24.2 million (to January 21, 2008). TRICORP continues to support First Nations’ economic development.
Revolving loan fund for Native Businesses
Established in 1990 as an Aboriginal Capital Corporation, TRICORP administers a revolving loan fund which is operated to be self-supporting. Principal repayments return to the fund for re-lending, while interest on the loan portfolio is used to provide necessary administrative services.
Combining a first-hand understanding of the economic development needs of area First Nations communities and the business acumen of a seasoned staff, TRICORP is an innovative leader financing economic development initiatives among First Nations members on the North Coast. Headquartered in Prince Rupert, British Columbia, the federally incorporated lending institution is owned by five First Nations economic development corporations: the Kitkatla-Metlakatla Economic Development Corporation, Nisga’a Lisims Government, Haida Gwaii Economic Development Corporation, and the Gitks’an Wet’suwet’en Development Corporation. It is governed by a board of five directors appointed by its owners. Since 1996, TRICORP has been a self-sustaining corporation, replenishing its loan fund with principal repaid by borrowers, and financing its administrative services through the interest re-paid on loans. TRICORP is an experienced North Coast commercial lender. It concentrates on developmental lending and services a niche market, specializing in lending to clients who live on First Nations communities. TRICORP’s loan portfolio includes individuals, partnerships, companies and joint ventures which are 51% owned/controlled by First Nations. TRICORP’s loans portfolio reflects the Northwest economy. As the economy has changed and shifted, our loan portfolio reflects the various changes in the industry sectors. Tricorp's loan portfolio is no longer predominately invested in the fishing and forestry sectors. In most recent years, we have see a dramatic increase in the tourism, hospitality and trades industries. Under its corporate umbrella, TRICORP also manages funds for the First Citizens’ Fund on behalf of the Province of British Columbia’s Ministry of Aboriginal Affairs, and delivers Aboriginal Business Canada’s program of business contributions.
TRICORP’s mandate is to provide financing for business activities which increase the number of permanent jobs, reduce unemployment and facilitate business ownership among First Nations people. Applicants must be of Aboriginal descent, the activities funded must take place within the region, and projects must fall within the TRICORP mandate.
TRICORP’s lending area extends (east to west) from Haida Gwaii (Queen Charlotte Islands) to Burns Lake, Hartley Bay to the south and north to the Yukon border. The core lending area is comprised of the 23 villages shown on the home page map, though its lending activities extend beyond its core area.
The Member Owners
A not-for-profit corporation, TRICORP’s founding members of the Corporation were the Council of the Haida Nation Economic Development Corporation, Nisga’a Economic Development Corporation, Kitkatla Metlakatla Development Corporation. Since the incorporation of the Corporation, the members of the Corporation have changed and become the Council of the Haida Nation (“CHN”), Nisga’a Lisims Government (“NLG”), Kitkatla Band Council (“KBC”), Metlakatla Band Council (“MBC”), the Gitksan Government Commission (“GGC”), the Moricetown Indian Band (“MBC”) and the Hagwilget Village Council (“HVC”).