And the Apaches definitely aren't taking any chances with their hard-earned money. What's going on at the reservations is not capitalism at its most individualistic. Most of the enterprises are owned by the tribal governments. The next step, say forward thinking tribal leaders and people who have studied Indian economic development, is to get more private Indian-owned businesses started. But raising capital poses a vexing problem.
Many tribes own valuable land, but none want to sell.
Banks don't want to lend against it because of the BIA trusteeship. A few tribes, including the Oneida and the Blackfeet of Montana, have bought stakes in banks that will lend more freely to Indians. In the last year other tribe members have started a car wash. Tribe member Harlan King has tapped the tribe to start a popular indoor golf driving range. Paul Homan, a prominent bank regulator called in to help clean up the BIA's trust fund mismanagement problem, has a plan to make more capital available to all the tribes.