SUBCHAPTER IV—INDIAN BUSINESS GRANTS

§1521. Indian Business Development Program; establishment; statement of purpose

There is established within the Department of the Interior the Indian Business Development Program whose purpose is to stimulate and increase Indian entrepreneurship and employment by providing equity capital through nonreimbursable grants made by the Secretary of the Interior to Indians and Indian tribes to establish and expand profit-making Indian-owned economic enterprises on or near reservations.

(Pub. L. 93–262, title IV, §401, Apr. 12, 1974, 88 Stat. 82.)

§1522. Conditions

(a) Limitation of amount

No grant in excess of $100,000 in the case of an Indian and $250,000 in the case of an Indian tribe, or such lower amount as the Secretary may determine to be appropriate, may be made under this subchapter.

(b) Financing from other sources; inability to obtain funds; applicant's financial resources

A grant 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: Provided, That prior to making any grant under this subchapter, the Secretary shall assure that, where practical, the applicant has reasonably made available for the economic enterprise funds from the applicant's own financial resources.

(c) Percentage requirement

No grant may be made to an applicant who is unable to obtain at least 60 per centum of the necessary funds for the economic enterprise from other sources.

(Pub. L. 93–262, title IV, §402, Apr. 12, 1974, 88 Stat. 83; Pub. L. 98–449, §9, Oct. 4, 1984, 98 Stat. 1725.)

Editorial Notes

Amendments

1984—Subsec. (a). Pub. L. 98–449 amended subsec. (a) generally, substituting provisions setting forth different levels of maximum grant amounts in cases of Indians and Indian tribes for provisions providing a maximum of $50,000 in cases of both Indians and Indian tribes.

§1523. Authorization of appropriations

There are authorized to be appropriated not to exceed the sum of $10,000,000 per year for fiscal year 1986 and each fiscal year thereafter for the purposes of this subchapter.

(Pub. L. 93–262, title IV, §403, Apr. 12, 1974, 88 Stat. 83; Pub. L. 95–68, July 20, 1977, 91 Stat. 272; Pub. L. 98–449, §10, Oct. 4, 1984, 98 Stat. 1726.)

Editorial Notes

Amendments

1984—Pub. L. 98–449 amended section generally, substituting "$10,000,000" for "$14,000,000" and "1986 and each fiscal year thereafter" for "1978 and 1979".

1977—Pub. L. 95–68 substituted "$14,000,000 for each of the fiscal years 1978 and 1979" for "$10,000,000 for each of the fiscal years 1975, 1976, and 1977".

§1524. Rules and regulations

The Secretary of the Interior is authorized to prescribe such rules and regulations as may be necessary to carry out the purposes of this chapter.

(Pub. L. 93–262, title IV, §404, Apr. 12, 1974, 88 Stat. 83.)