Chief Patrick Lambert greeted a long line of Eastern Cherokee citizens who sought applications for a new loan program based on the tribe's per capita payments. Photo from Facebook The Eastern Band of Cherokee Indians has started a loan program that allows members to borrow against their gaming per capita payments. The program was approved at a tribal council meeting on October 31, according to news reports. Within days, more than 2,000 citizens applied for loans. "This will put over $778,000 into the pockets of our Cherokee Families next Thursday, Nov. 10th!" Chief Patrick Lambert, who proposed the program, wrote on Facebook last week in touting the response to the initiative. The loans come with zero percent interest and can be made for up to $500 per month, according to the legislation approved by the council. But loans cannot occur for the months of June and December, which is when the per capita payments are issued. Mp> According to The News, the December per cap totals $6,189. The June payment was $5,511, according to The Cherokee One Feather, the tribe's newspaper. Read More on the Story:
Per capita loan program approved in Cherokee (The Smoky Mountain News 11/9)
Per-Cap loan program approved by Tribal Council (The Cherokee One Feather 11/3)
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