Loans to support American Indian Tribes.
To help Indian tribes and individuals establish and expand Indian-owned businesses and to encourage self–sufficiency, Congress passed the Indian Financing Act of 1974, providing up to a 90% loan guarantee. The Act was established to reduce the loan insurance disparity between business capital available to Indian and non-Indian businesses. Tri Counties Bank participates in the loan guarantee program that supports recognized American Indian Tribes, enrolled members of such tribes or groups, and related businesses.
BIA Loan features:
- Loans may be used for qualified businesses and sole proprietorships
- Financing for properties located on tribal lands not otherwise readily available
- Lender is incentivized by getting a 90% loan guarantee
- Funds may be used for refinance, construction, purchases and other business-related needs
- Funds may be used for special purpose real estate such as gas stations, hotels, community centers, RV parks, and other facilities
- Maximum loan size for individuals is $500,000 per request; for businesses, maximum loan sizes generally should not exceed $5 million and are subject to funding limits of the Bureau of Indian Affairs
- Up to 80% financing available
- Long-term conventional comparable terms available
- Fully amortized loans with no calls or balloon payments
Qualifying factors include:
- Borrowing entity must be 51% or more native owned
- Project must benefit the economy of the reservation or tribal area
- 20% tangible equity required for project being financed
- Must meet qualifications of both the Lender and the Division of Capital Investment of the Bureau of Indian Affairs
- Loans for gaming facilities and gambling equipment do not qualify
Put the experience and knowledge of the Tri Counties Bank business lending team to work for you.