; (B) the term community development financial institution has the meaning given the term in section 103 of the Community Development Banking and Financial Institutions Act of 1994 ( 12 U.S.C. 4702 ); and (C) the term eligible entity means— (i) a credit union, mutual savings bank, or mutual savings and loan association— (I) that— (aa) is operated on a cooperative, not-for-profit basis; and (bb) provides financial services or facilities for the benefit of— (AA) the members of the entity; or (BB) voting stockholders who are the ultimate recipients of those financial services or facilities; and (II) not less than 60 percent of the members or voting stockholders of which are socially disadvantaged farmers or ranchers; or (ii) a not-for-profit community development financial institution, if not less than 75 percent of the total dollar value of the loans made by the institution consist of loans made to socially disadvantaged farmers or ranchers. (2) Establishment of Bank (A) In general Congress hereby creates and charters a bank to be known as the National Socially Disadvantaged Farmer and Rancher Bank, the sole mission of which shall be to provide financing and other assistance in accordance with the requirements of this subsection. (B) Board of Directors (i) In general The Bank shall be governed by a Board of Directors— (I) which shall consist of 13 members; and (II) each member of which shall be appointed by the President, by and with the advice and consent of the Senate. (ii) Term Each member of the Board of Directors of the Bank shall serve for a term of 3 years. (3) Lending authority (A) In general The Bank may make loans and loan guarantees to eligible entities. (B) Terms With respect to a loan made by the Bank to an eligible entity— (i) the term of the loan shall be 30 years; (ii) the interest rate with respect to the loan shall be the interest rate on 30-year Treasury bonds, as of the date on which the loan is made