Loans are available to individuals, groups, partnerships, organizations, 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. An equity contribution of 15% of overall project funding is required for all projects. Security is required for all financial transactions. The maximum funding available for a single project is $300,000 or 75% of the total project, whichever is less. 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.
For further information on TRICORP loans, contact Tricorp's Business Support Officer or download a TRICORP loan application.
First Citizens' Fund (FCF)
The purpose of the First Citizens' Fund (FCF) is to enhance First Nations economic development through the start-up, expansion and/or upgrading of First Nations businesses. Assistance may be provided in the form of a loan, with a lifetime limit of $76, 125 (inclusive of a 1.5% borrower's fee in the amount of $1,125). The First Citizens' Fund program includes a deferred contribution component for those participants that qualify. Provided the applicant has met all the criteria as agreed upon, 40% of the total loan amount may be forgiven.
Tribal Resources Investment Corporation will assess all loan applications to ensure viability and to confirm they meet the criteria for the FCF loan program. Tricorp may approve or decline loans, establish terms for repayment, set security requirements and obtain necessary legal documentation. It 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 Tricorp's Business Support Officer to see if your project meets the criteria for the First Citizens' Fund program.
Aboriginal Business Development Program
What Aboriginal Business Development Program (ABDP) does:
Aboriginal entrepreneurs and communities that are proposing to establish a business, acquire a business or expand existing business, are eligible for support under the program.
The following business activities are in-eligible for support:
- direct alcohol production, marketing, distribution or sales;
- tobacco production, marketing, distribution or sales;
- games of chance operations, casinos, bingo halls, small scale gaming operations, etc.
- sexually exploitive materials, services products, marketing, distribution and sales including web-based activities
- pawn shops, cheque cashers, finance companies and others, making small, short-term, high interest rate loans that go by a variety of names: payday loans, cash advance loans, cheque advance loans, post-dated cheque loans or deferred deposit cheque loans; andpassive investments (real estate) or any other activity where the applicant is not fully involved.
How To Apply
Before applying to the Aboriginal Business Canada program, please read the information below to become familiar with the Application Process. An overview of the program is provided. For more detailed information, visit the Aboriginal Business Canada website. You can access this site by going to our links page. Don't forget to bookmark our website as well as Aboriginal Business Canada's website.
Step 1: Read the following information to learn about the financial assistance ABC can provide for your business and to help you determine if your business project is eligible for support.
Step 2: Discuss your project with our Business Support Officer for the area, Mamie Lawson.
Step 3: You can download a copy of the Statement of Intent and submit it to the Tricorp office by fax (250) 624-3883 or by mail. You may also request that an application package be mailed to you.
Starting or acquiring a business
The strategic priorities have been removed. Any individual of First Nations ancestry or community that is starting or acquiring a business (excluding the above named exceptions) may apply to Aboriginal Business Canada for assistance.
If the basic eligibility requirements have been met, ABC can assist individuals between the ages of 18 and 35 (inclusive) to establish, acquire or expand a business in any sector. To be eligible for support these youth clients must: have a cash investment (equity) in the proposed venture equivalent to at least 10 percent of the eligible project costs; and hold a majority interest in the business (when the firm is owned with partners who are not Aboriginal youth).
For clients, 36 and over, who are already operating a business, ABC can provide support for projects that involve innovation, or expansion into new markets.
Innovation projects must result in significant change in the operation of the business, improve profitability, involve something new to the firm, and help it meet or exceed industry standards.
Businesses seeking to expand into new or domestic or international markets are eligible for support, subject to certain conditions.
Our address is 344 2nd Avenue West, Prince Rupert, BC V8J 1G6 or call 1-800-665-3201