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

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. The goal is to increase Indian entrepreneurship and employment by providing access to credit and capital resources. President Nixon acknowledged the deprivation and isolation of American Indians and emphasized the importance of addressing their economic needs.