Indian Financing Act

Indian Financing Act - Title I: Indian Revolving Loan Fund - Provides that in order to provide credit that is not available from private money markets, all funds that are now or hereafter a part of the revolving fund administered by the Secretary of the Interior in trust for the Indians, and sums collected in repayment of loans heretofore or hereafter made, and as interest or other charges on loans, shall hereafter be administered as a single revolving loan fund and shall be available for loans to Indians having a form or organization that is satisfactory to the Secretary and for loans to individual Indians who are not members of or eligible for membership in an organization which is making loans to its members as well as for administrative expenses incurred in connection therewith.

Provides that loans may be made for any purpose which will promote the economic development of (1) the individual Indian borrower, including loans for educational purposes; and (2) the Indian organization and its members including loans by such organizations to other organizations and investments in other organizations regardless of whether they are organizations of Indians.

Authorizes the Secretary to cancel, adjust, compromise, or reduce the amount of any loan or any portion thereof, heretofore, or hereafter made from the revolving loan fund established by this title and its predecessor constituent funds which he determines to be uncollectable in whole or in part, or which is collectable only at an unreasonable cost, or when such action would, in his judgment, be in the best interests of the United States.

Provides that the title to any land purchased by a tribe or by an individual Indian with loans made from the revolving loan fund may be taken in trust unless the land is located outside the boundaries of a reservation or a tribal consolidation area approved by the Secretary.

Provides that any organization receiving a loan from the revolving loan fund may be required to assign to the United States as security for the loan all securities acquired in connection with the loans made to its members from such funds.

Authorizes to be appropriated to provide capital and to restore any impairment of capital for the revolving loan fund, $50,000,000, exclusive of prior authorizations and appropriations.

Directs the Secretary to promulgate rules and regulations to carry out the provisions of this title.

Title II: Loan Guaranty and Insurance - Provides that in order to provide access to private money sources which otherwise would not be available, the Secretary is authorized (1) to guarantee not to exceed 90 percent of the unpaid principal and interest due on any loan made to any organization of Indians having a form or organization satisfactory to the Secretary, and to individual Indians who are not members of or eligible for membership in an organization which is making loans to its members; and (2) in lieu of such guaranty to insure loans under an agreement approved by the Secretary whereby the lender will be reimbursed for losses in an amount not to exceed 15 percent of the aggregate of such loans made by it, but not to exceed 90 percent of the loss on any one loan.

Creates an Indian Loan Guaranty and Insurance Fund. Provides that such fund shall be available to the Secretary as a revolving fund without fiscal year limitation for carrying out the provisions of this title.

Authorizes the appropriation to this fund of up to $10,000,000 in each of the fiscal years 1974, 1975, and 1976.

Title III: Interest Subsidies and Administrative Expenses - Authorizes the Secretary, under such rules and regulations as he may prescribe, to pay as an interest subsidy on loans which are guaranteed or insured under the provisions of Title II of this Act amounts which are necessary to reduce the rate payable by the borrower to the rate determined under this Act.

Authorizes to be appropriated to the Secretary to carry out the provisions of this Act such sums, to remain available until expended, and for administrative expenses under this Act, not to exceed $10,000,000 in each of the fiscal years 1974, 1975, and 1976.

Title IV: Indian Business Grants - Establishes, within the Department of the Interior, an Indian business development program.

Provides that such program shall provide equity capital through nonreimbursable grants made by the Secretary of the Interior to Indians and Indian tribes to establish and expand profitmaking Indian-owned economic enterprises on or near reservations.

Provides that no grant in excess of $50,000, or such lower amount as the Secretary may determine to be appropriate, may be made to an Indian or Indian tribe, band, group, pueblo, or community recognized by the Federal Government as eligible for services from the Bureau of Indian Affairs. Provides that grants may be made only to an applicant who, in the opinion of the Secretary, is unable to obtain adequate financing for its economic enterprise from other sources, including its own financial resources, except that no grant may be made to an applicant who is unable to obtain at least 60 percent of the necessary funds for the economic enterprise from other sources.

Authorizes to be appropriated not to exceed the sum of $10,000,000 for each of the fiscal years 1974, 1975, and 1976 for the purposes of this Title.