Siletz Tribe Revolving Credit Program

A. First time Applicant(s) must:

• Be a member of the Confederated Tribes of Siletz Indians as verified by the CTSI Enrollment Department.
• Be of legal age and a resident of the United States.
• Be in good, current standing with the STRCP.
• Not have any outstanding debts with the CTSI or any of its entities.
• Applicant must have one year consecutive employment in the same or related business field of their business loan.
• Applicant must have necessary business experience through training, managerial ability and the income to repay the loan.
• Applicant must provide proof of completed ONABEN Indianpreneurship business education course or equivalent.
• Applicant FICO credit score equal to or great than 530 Training & Resources for more information.
• To meet Tier 1 debt-to-income (DIR) requirement applicant's DIR must be 50% or less. To meet Tier 2 requirement, applicant's DIR must be 47% or less. To meet the Premium Tier, the applicant's DIR must be 40% or less. Debt To Income Ratio Calculator
• A co-signer who is a CTSI Enrolled Tribal Member must meet all the requirements for a first-time business loan applicant.
• A co-signer who is not a CTSI Enrolled Tribal Member must have a minimum FICO score of 700 and otherwise meet all the requirements for a first-time business loan applicant.
• Please contact the STRCP Loan Administrator for more information.

A. Proposed debt-to-income ratio and FICO credit score must meet the same requirements as first-time borrower. Previous loan(s) successfully paid back in full with no more than five delinquent payments over the course of the loan. In case of previous loan default and/or default payment(s) through per capita garnishment, applicant must wait three years from the date the loan is paid back in full to be eligible to apply for the next loan. If the previous loan has less than 10% principal balance remaining and the borrower(s) meets all necessary requirements as outlined in the STRCP Declaration of Policies they may apply for another loan. The remaining balance on a previous loan (payoff amount) will be paid for (and loan closed out) utilizing principal from the loan.

A. Depending on how delinquent the payment is there are different conditions.

• For all loans with terms starting October 1, 2014 or later, there is a $25.00 late fee assessed to the account if the payment is received eleven (11) days or more after your due date.
• For loans approved with terms starting before October 1, 2014 there is a $15.00 late fee assessed to the account if the payment is received eleven (11) days or more after your due date.

A. Your loan will become delinquent. The following are policies regarding delinquent accounts:

• After 30 days a past due letter is mailed to you.
• If the payment is not received within 60 days, an additional letter is sent to you by certified mail attempting to collect payment. The letter will state the amount due for the loan to become current.
• STRCP Loan Administrator reserves the right to contact you in order to collect a debt.
• If a payment is not received within 90 days you are subject to appear in Tribal Court. Your per capita is subject to garnishment.
• The Loan Administrator also reserves the right to seek garnishment through payroll for loan recipients working for CTSI.
• To bring your account out of default you must pay the amount due. A $50.00 service fee may apply.
• In compliance with the Fair Credit Reporting Act (FCRA), all loans are subject to submission to the credit reporting bureaus.

A. Yes.

• There is a one-time non-refundable application fee of $10.00 that must accompany the submitted loan application.
• There is also a loan servicing fee applied to the initial prinicpal of all new loans issued. The following list outlines the loan servicing fee amounts.

• For loans $1,000 or less, a loan fee of $17.50 is applied to the loan.
• For loans from $1,001 to $1,500 a one-time loan fee of $22.50 is applied to the loan.
• For loans from $1,501 to $2,000 a one-time loan fee of $25.00 is applied to the loan.
• For loans from $2,001 to $3,000 a one-time loan fee of $30.00 is applied to the loan.
• For loans $3,001 or more, the one-time fee is one percent (1%) of amount borrowed and is applied to the loan.

• There are no additional loan fees to modified loans that do not receive additional advances.
• On loans modified or refinanced with additional advances, a fee of one percent (1%) of the additional dollars advanced to the nearest dollar not including the loan fee, will be charged.
• Not sufficient Funds (NSF) fee(s) will be applied on all returned checks or NSF payments.

A. You are notified of the Board's decision within five business days.

If approved:

• The loan must be finalized within 30 days of approval.
• May be subject to additional requirements before loan funds can be released.
• The Promissory note, guaranty and disbursement authorization requires original signatures and must be returned to the STRCP Loan Administrator before funds are released.
• Upon receipt of original signed promissory note, guaranty and disbursement authorization by STRCP Loan Administrator the funds will be released via check within seven (7) business days.

If denied:

• A denial letter is mailed to you within five business days stating the reason(s) for denial by the STRCP Board.

A. You may submit a request for loan modification to the STRCP Board of Directors. Only they have the authority to modify approved loans.

A. Other terms and conditions for applicants include:

• Loans may be used for equipment and other start-up expansion costs. Refinancing will be allowed on business related debts. Loan funds may not be used for owner or business related payoffs.
• The application process requires a business plan including financials and any other required information.

Financials must include at a minimum:

• Three year profit & loss projection.
• Three year cash flow projection.
• Break-even analysis. Please see Business Planning tab under Training and Resources for sample templates.

• A Co-signer who is not a CTSI Enrolled Tribal Member must have a minimum FICO score of at least 700 or if the co-signer is an Enrolled CTSI Tribal Member must meet the eligibility requirements set forth in the current STRCP Declaration of Policies and Procedures.

All recipients of business loans are required to submit financial reports to the STRCP Loan Administrator as outlined below:

• Quarterly balance sheet and budget variance report for the first year.
• Semiannually for the second year.
• Annually thereafter.
• The STRCP Board or STRCP Loan Administrator may require additional reports or change the frequencies of the reports at any time.

• A $100.00 fee will be assessed to borrower(s) of business loans if the quarterly, semiannual or annual financial reports are not submitted by the deadine.
• An authorized representative of the Board may make an annual inspection of the business premises. There will be no charge for said inspection. Each borrower shall be notified in writing by the Board of the date of inspection (10) days in advance, unless otherwise agreed upon by the parties involved.
• All STRCP requirements and policies are subject to change without prior notice.
• For complete terms and conditions please contact the STRCP Loan Administrator or download a copy of the policies here.In case of conflict between the website and approved Declaration of Policies and Procedures, the Declaration of Policies and Procedures supersedes the website.