Indian Financing Act of 1974

Summary

Indian Financing Act - Declares it to be the policy of Congress to furnish capital to Indians so that they can manage their own resources and enjoy a standard of living comparable to that of their non-Indian neighbors. Title I: Indian Revolving Loan Fund - Establishes an Indian revolving loan fund to provide credit that is not available from private money sources. Provides that loans may be made to certain Indian organizations or to individual Indians for any purpose that promotes the economic development of such borrower. Specifies that loans may be made only when financing from other sources at reasonable rates is unavailable and only where there is a reasonable prospect of repayment. Forbids making loans for terms exceeding 30 years and allows the Secretary of the Treasury to cancel or reduce any loan which he determines to be uncollectible at a reasonable cost. Title II: Debt Service Payments - Authorizes the Secretary to make periodic debt service payments on loans made or guaranteed so as to reduce Indians' interest and other payments by up to 30 percent or to reduce the outstanding principal amount of the loan by 3 percent, whichever is less. Provides that no contract for such debt service payment may be entered into unless the Secretary has determined that other credit provisions are not sufficient to accomplish the purposes of the program. Authorizes the appropriation of necessary funds to make such debt service payments. Title III: Indian Business Grants - Establishes the Indian Business Grant Fund and authorizes the appropriation of such funds as may be needed. Sets the conditions under which the Secretary may make grants from the fund.

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Documents

3 official files

• Public Law (PDF)

  Public Law · EN · 13 April 1974

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• Public Law

  summary · EN · 12 April 1974

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• Introduced in Senate

  summary · EN · 22 March 1973

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