WINDOW ROCK, Ariz.—The Native American Bank of Denver is calling a $1.2 million loan on a private Navajo egg producer.
Navajo Nation Controller Mark Grant and Budget and Finance Committee Chairman LoRenzo Bates say the stalled Dine Poultry Products Incorporated is 55 days delinquent on the loan, so the bank called the collateral.
The Budget and Finance Committee had approved $3 million from a Navajo Dam escrow account to be used as collateral for the project in Nageezi and Huerfano chapters.
Grant says the Navajo Dam escrow account will be reduced by $1.2 million as a result of the loan default.
The company proposed to produce eggs for distribution in New Mexico, Arizona, Nevada, Colorado and parts of California.
Bates says the company never pursued the project the way it should have.
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Information from: Gallup Independent,
