Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

US Dept. of Energy Launches USD2 Billion Tribal Energy Loan Guarantee Program


August 10, 2018

The US Department of Energy (DOE) recently announced a USD2 billion loan guarantee program aimed at facilitating financing and development of energy resources, products or services on Native American and Alaskan Native lands – the first time the program has been extended to include them.

As much as 90 percent of unpaid principal and interest on loans taken out by recognized Native American or Alaskan Native tribes to carry out projects may be guaranteed via the Tribal Energy Loan Guarantee Program, as it’s known. Tribal borrowers need to invest equity in projects and all project debt needs to come from non-federal lenders, explains the DOE Loan Program Office (LPO), which administers the program.


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