Empowering Indian Communities: The Indian Financing Act of 1974, 1974-04-22

Item — Box: 36, Folder: 16

Identifier: CAC_CC_009_1_36_16_0005

Staff Only

The Indian Financing Act of 1974, signed by President Nixon, provides $250 million in credit for Indians and grants of up to $50,000 to Indian small businesses. The Act consolidates existing Indian revolving loan funds, creates a new Indian Loan Guaranty and Insurance Fund, and establishes the Indian Business Development Program to stimulate Indian entrepreneurship. The Act aims to provide Indians with the necessary credit and resources to develop their own businesses and break the poverty cycle prevalent in many American Indian communities. President Nixon has recognized the deprivation and isolation faced by the Indian people in the nation.