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ERIC Number: ED168791
Record Type: Non-Journal
Publication Date: 1975
Pages: 35
Abstractor: N/A
Reference Count: N/A
Annual Credit and Financing Report. June 30, 1975. Bureau of Indian Affairs.
Bureau of Indian Affairs (Dept. of Interior), Washington, DC.
The Indian Financing Act of 1974 was vital legislation to Indians, previously prevented from obtaining credit from non-Indian lenders who customarily categorized Indians as poor credit risks or set interest rates prohibitively high. Problems in preparation of the administrative regulations delayed initial implementation of the Act until December 1974, and the legislation was not fully effective until March 1975. In fiscal 1975, when approximately $1 billion was needed for Indian financing of housing, industrial development, group commerical enterprises, tribal land purchase, recreational development, civic facilities, and individual loans, $38 million was appropriated for the Revolving Loan Fund, $20 million for the Loan Guaranty and Insurance Fund, and $10 million for the Indian Business Development Grant Program. The cash balance of the Revolving Loan Fund increased to $35 million, loans receivable increased to $26.4 million, and allowance for losses increased to $4 million. Loans of tribal funds and Revolving Loan Funds to tribal members, associations, and enterprises totalled $211 million and brought to a total of $140 million the loans to 64,618 individuals. Outstanding and delinquent loans decreased. Grants totalling $9.7 million and averaging $16,300 were made to individual proprietorships and partnerships, tribes, and tribal organizations to expand, establish, or acquire businesses. (SB)
Publication Type: Reports - Descriptive; Numerical/Quantitative Data
Education Level: N/A
Audience: N/A
Language: English
Sponsor: N/A
Authoring Institution: Bureau of Indian Affairs (Dept. of Interior), Washington, DC.