February 15, 2008

Navajos aid entrepreneurs

Navajo president orders new options for entrepreneursThe Navajo Nation is making it easier for entrepreneurs to start a business on the vast reservation desperately in need of economic development.

Under tribal law, all businesses are required to obtain a surety bond before being issued a lease that guarantees the tribe would still get a years' rent for the property should the business owner default on a loan.

But Navajo President Joe Shirley Jr. said most insurance and bonding companies refuse to issue such bonds, and he has ordered that alternative options be made available.

"This waiver will help our small business owners obtain their business site leases and, in turn, move to develop our economy and provide new jobs for our people," Shirley said.

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