For the past ten years, Beneficial State has shown that a different type of bank—a beneficial bank—is possible. Our bank, through its unique model, produces meaningful social justice and environmental impacts, while remaining financially sustainable.
With $640 million in loans out in the community and more than 200 employees across three states, our efforts to share the impact of beneficial banking on our communities and planet are gaining traction. The beneficial banking movement is growing thanks to you who are aligning your money with your values and demanding better from the financial institutions intended to serve you. Collectively, we will transform the banking system to one that not only works for everyone, but to one that actually creates a just and inclusive society for all.
Collectively, we will transform the banking system to one that not only works for everyone, but to one that actually creates a just and inclusive society for all.
So, what separates Beneficial State from other banks?
For one, our triple bottom line, which doesn’t require our banks’ interests to be at odds with those of our customers–we’re working in collaboration with our customers and allies to heal our communities and our planet. Like Chapter 510, a youth literacy center in Oakland. And Patty Pan Cooperative, a worker-owned co-op farmer’s market stall and food catering service. And Kirsop Farm, which grows and sells organic produce contributing to western Washington’s local food security and cultural identity.
For another, the bank’s economic interest is owned by a nonprofit foundation (Beneficial State Foundation), so we have zero private shareholders who might seek to maximize profit at the expense of our communities and planet.
And there’s our lending practice: we commit at least 75% of our loans to the new economy – and the remainder cannot work against our mission. And we’re totally transparent. You can read all about our lending and business practices here.
How do alternative bank models like this affect social change? What will it take to change the banking system for good? How can businesses and financial institutions work together to build an economy that is inclusive and equitable for all? In what ways can innovative financial products and services be used to combat social inequalities? What does “business for good” even mean?! These are just a few of the questions we’ll explore in our blog.
We invite you to join the conversation. Share your thoughts as we highlight innovative solutions, share stories about social changemakers, and pose questions that will encourage you to think about the power of your dollars and how you can leverage that power to build a better world.