Thank you for your interest in the Siletz Tribal Business Corporation Business Loan Program. Here are some important things that you should know before applying for a Business Loan. A downloadable business loan application sheet is available here two formats.
- Business Loan Application Information Sheet [Word Document 31KB]
- Business Loan Application Information Sheet [PDF Document 14.K]
BUSINESS LOAN POLICY
Siletz Tribal business loans are for up to approximately $10,000. These loans have a grace period of one year before payment is expected. Interest is assessed at the prime rate +1% fixed at the time of closing. Interest will begin to accrue in the 12th month of the loan. In addition, there will be a $10 monthly payment service fee. Collateral may be required.
- Loans may be used for equipment and other start-up expansion costs. Refinancing will be allowed on business related debts. Loans may not be used for owner or business related payoffs, using loan funds.
- The application process requires a business concept description and a set of financials that approximates a business plan suitable for financing from a standard lender and any other information required.
- Loans are only available to businesses where a Tribal member is a least 51% owner of the business.
PROCEDURE
A loan application will be completed by the applicant and submitted to the Siletz Tribal Business Corporation (STBC) for processing. The loan application must include a:
- Business plan
- Completed credit authorization and loan application
- Proof of the ability to secure all required licenses
- Permits and insurance
LOAN APPROVAL
If the application is approved through the Siletz Tribal Revolving Credit Program, the applicant will be required to sign a Business Loan Note that describes the client’s responsibilities in the loan process. This includes agreeing to participate in services that represent the best combination of resources to serve the client. The applicant will also have the opportunity to meet the STRCP board.
Successful applicant shall provide the STBC with quarterly financial reports for the first year of business activity unless otherwise indicated. The loan will be administered through Oregon Cascades West Council of Governments. All payments are to be made electronically, and on time for the duration of the loan. If the loan goes into default status, the Confederated Tribes of Siletz will make EVERY effort to collect on this loan; including, but not limited to the attachment of the Tribal member’s per capita income.
For additional information, please contact:
Cynthia Farlow, Administrative Assistant
Siletz Tribal Business Corporation
(541) 994 2142 (541) 994 8973
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