The first full year of the Indian Financing Act of 1974 was fiscal 1976, after which $91 million had been appropriated for the Revolving Loan Fund, the Loan Guaranty and Insurance Fund, and the Indian Business Development Grant Program. The Revolving Loan Fund, consolidated from 4 previous funds, was underutilized. Only $13.3 million was loaned to tribes, credit associations, and individuals, as against $41 million appropriated. The Loan Fund cash balance decreased, loans receivable increased, allowance for losses was unchanged, and Indian organization funds used to finance economic development of tribes and their members increased to $197.6 million. The Insurance Fund was not utilized by any lenders but the Bureau of Indian Affairs entered into 54 new Loan Guaranty Agreements, mostly guaranteed at 90%, for a total of $14.8 million. The $28.1 loaned under the Revolving Loan Fund and the Loan Guaranty Program helped offset the need of an estimated $1 billion of Indian financing. The Indian Business Development Grant Program contributed to the financing of economic enterprises with 665 grants for $9 million, mostly to individual proprietorships and partnerships, to establish new businesses or acquire or expand established businesses. (SB)