Two directors have joined the board of Indigenous Business Australia as it embarks on a critical phase to advance economic independence of First Nations people.

The Federal Government announced Brian Bero and Dr Doug McTaggart as the new appointments, with both bringing extensive experience to their new roles.

The pair's appointments come just days after the $70.9m was redirected to the IBA over two years for its Home Loan Capital Fund.

The fund is set to play a crucial role in creating intergenerational wealth, allowing First Nations people, particularly single carer families, to buy their own home.

Mr Bero, a Meriam man and Torres Strait Islander, has worked as a lawyer with the Victorian Government solicitor's office, Gilbert + Tobin and several large corporations such as Qantas, Telstra and Oracle.

He is a co-founder, principal and director of Jaramer Legal, which has offices in Melbourne, Sydney and Canberra and received several awards for Indigenous excellence for its dedication to championing the next generation of First Nations lawyers.

Dr McTaggart has extensive government and private board experience and is currently chair of Indigenous Business Australia Asset Management.

The IBA has a critical role boosting the economic independence of First Nations people.

It provided expert business advice, home loans, tailored finance solutions and investment initiatives that empower individuals and businesses.

Minister for Indigenous Australians, Senator Malarndirri McCarthy, congratulated the quartet on their new board roles.

"I look forward to working with them to advance the economic empowerment of First Nations people," she said.

"I am confident that this new-look board will help deliver the government's drive for greater economic empowerment for First Nations people.

The Minister said the board collectively balanced a wealth of expertise with fresh perspectives.

"The experience of the entire board will be beneficial to IBA as it enacts the recent expansion of its role and remit," she said.