Navajo Nation faces $3.5M loss over failed loans
The Navajo Nation could be out $3.5 million as a result of two failed loans that have been called in by commercial banks.

The tribe took over Biochemical Decontamination Systems Manufacturing Inc. after the company failed to make its loan payments. The firm's former chief executive officer, a convicted felon, has since fled the reservation, leaving the tribe on the hook for a $2.2 million loan from JP Morgan Chase.

A second business, Diné Poultry Products, received a $1.2 million loan from Native American Bank with the tribe offering collateral. The company is waiting for word on a $7 million loan from the Bureau of Indian Affairs.

Get the Story:
Navajo Nation in danger of losing $3.5 million (The Farmington Daily Times 12/10)