Calendar of Historical Events
October 3, 1776
U.S. Takes Out First Loan
Needing funds to finance the American Revolution, Congress approved a $5 million dollar loan with a 4% interest rate. This was the first loan taken out by the fledgling nation.
Economics & personal finance resources for k-12
Council for Economic EducationU.S. Takes Out First Loan
Needing funds to finance the American Revolution, Congress approved a $5 million dollar loan with a 4% interest rate. This was the first loan taken out by the fledgling nation.