The Native American Agriculture Fund, a trust created by the settlement of the Keepseagle class action lawsuit against the USDA, said on Wednesday it would invest $12 million to set up a lender dedicated to working with Native American producers. Janie Hipp, the USDA’s general counsel for the past two years, will become chief executive of the new lender, Native Agriculture Financial Services (NAFS), on Aug. 1.
“Agriculture is a cornerstone of Tribal economies, and to ensure Native producers’ continued success and growth, meeting their needs to finance their operations is critical,” said Toni Stanger-McLaughlin, chief executive of the trust. NAFS will be part of the nationwide Farm Credit System (FCS) of customer-owned financial institutions, with a loan volume of $373.3 billion.
“NAFS offers an important, necessary, and creative solution for bringing additional credit to Indian Ag Country,” said Ted Van Hoose, FCS chief executive.
Initially, NAFS will participate in loans with community development financial institutions that invest in agriculture and rural economic development activities that support Native American farmers and then expand into providing credit and financial services for producers and tribal governments, said the Native American Agriculture Fund.