OFFICE OF INDIAN ENERGY AND ECONOMIC DEVELOPMENT (OIEED)
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1 OFFICE OF INDIAN ENERGY AND ECONOMIC DEVELOPMENT (OIEED) DIVISION OF CAPITAL INVESTMENT INDIAN LOAN GUARANTY PROGRAM
2 OFFICE OF INDIAN ENERGY AND ECONOMIC DEVELOPMENT (OIEED) Division of Energy & Mineral Development Acting Director Stephen Manydeeds Division of Workforce Development Division of Economic Development Division of Indian Energy Policy Development Division of Capital Investment
3 DIVISION OF ENERGY AND MINERAL DEVELOPMENT (DEMD) DEMD provides technical services to the Indian mineral owner and the BIA Primary goal: provide the best possible geotechnical, engineering, and economic advice to Indian landowners seeking to manage and develop their energy and mineral trust resources Acting Division Chief Dennis Bodenchuk x236
4 DEMD RESPONSIBILITIES Provide technical, engineering and economic advice to Indian landowners seeking to manage and develop their energy and mineral resources Generate effective energy and mineral development strategies Assist Indian mineral owners during energy and mineral negotiations Provide technical data and interpretations for exploration and development of resources Manage and maintain existing Indian energy and mineral data
5 RENEWABLE ENERGY 70 Projects: Wind 33 Solar - 7 Geothermal High temp 4 Low/med temp 5 Hydroelectric - 7 Biomass Woody - 4 Waste - 5 Compressed Earth Blocks - 4
6 DIVISION OF CAPITAL INVESTMENT (DCI) DCI provides Loan Guaranty and Interest subsidy services to the Indian/Tribal owner Primary goal: provide the best possible economic advice to Indian business owners seeking to manage and develop their energy and economic business resources Division Chief Philip Viles
7 7 PROGRAM PURPOSE Government Loan Guarantees Guarantees energy and economic development loans in Indian Country Up to 90% of principal and accrued interest
8 8 LEGAL AUTHORITY The law governing the program is: 25 U.S.C et seq. 25 CFR Part covers the items borrowers need to submit to prospective lenders items which the prospective lender adds, in order to complete the application to DCI
9 9 BORROWER ELIGIBILITY The borrower must be: an Indian individual, an Indian-owned business entity a Tribal enterprise a Federally recognized Tribe
10 10 BORROWER ELIGIBILITY DEFINED An Indian individual means: Member of one of the 562 federally recognized tribes An Indian-owned business entity means: Legally established entity such as Partnership Corporation Limited liability company Joint venture 51% or more owned by eligible Indians
11 11 BORROWER ELIGIBILITY REQUIREMENTS A borrower s business must be: at least 51% Indian owned during the entire term of the loan A borrower s business must contribute to the economy of Reservation Tribal service area
12 12 LOAN REQUIREMENTS Borrower equity Borrower must have 20% equity in the business In the form of cash or unencumbered tangible assets To be used in the business being funded Upon which a lender can secure a first lien
13 13 LOAN CONDITIONS Term of loan Cannot be for more than 30 years including extensions Interest rate Must be reasonable Rates charged in the region for loans to similar businesses Policy restrictions No loans for gaming No loans for tobacco
14 14 OUR DCI OFFICES Program Transition from BIA to Assistant Secretary Indian Affairs BIA credit officers in 12 different regions Now have four Credit Office Service Centers (COSC) Current COSC locations: Anchorage, AK Lakewood, CO Northwest, Rocky Mountain, Great Plains, Midwest Albuquerque, NM Southwest, Western, Navajo, Pacific Washington, DC (central office) Eastern, Southern Plains, Eastern Oklahoma
15 15 APPLICATION PROCESS Borrowers apply directly to lenders Lenders apply to DCI if they need a loan guarantee Authorized DCI field officials can approve guarantees up to $5 million DCI central office approves: Applications over $5 million applications requesting interest subsidy
16 16 WHAT ARE THE REQUIREMENTS FOR LENDERS? A lender must sign a Loan Guarantee Agreement to participate Loan guarantee Insurance Interest Subsidy Program DCI allows lenders to use own loan documents
17 17 LENDER BENEFITS Guaranteed loan does not count against lending limits Guaranteed portion can be sold to make new loans Lender can participate in large loans and earn servicing fees Helps meet Community Reinvestment Act requirements In the event of default, liquidation by bank is optional before filing a Claim for Loss
18 18 WHAT PREMIUM DOES DCI CHARGE FOR A LOAN GUARANTEE? DCI charges 2% of the guaranteed portion of the original loan amount
19 19 WHAT ARE INTEREST SUBSIDIES? DCI reimbursement equal to a portion of the interest a borrower actually pays Can be paid by DCI for up to 5 years Initial three year term Yearly renewal for two more years, if business qualifies Interest subsidy payments are based on the difference between: Lender s interest rate (can be variable) IFA interest rate (fixed over life of subsidy)
20 20 WHO GETS THE SUBSIDY PAYMENT? Lender submits the request for subsidy to DCI DCI sends payment to the lender Use of these funds is at the discretion of the borrower Borrower may use the funds to reduce Principal increase operating capital or for similar business purposes The borrower should make arrangements with the lender on the use of these payments
21 21 SUMMARY OF LOAN APPLICATION PROCESS Borrower applies to lender for a loan If the lender feels a loan guarantee is necessary Lender applies to a DCI Credit Office Service Center Or in some cases, the DCI central office
22 22 SOME DCI STATISTICS Since 1974, we have guaranteed almost $1 billion in loans FY10 loan guarantee ceiling of $93 million Loss rate of <3% since 1992
23 23 DIVISION OF CAPITAL INVESTMENT (DCI) For more information about the Loan Guaranty program, contact us at: (Lakewood, CO)
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