Mission-driven Beneficial State Bank is a state-chartered, federally insured Community Development Financial Institution (CDFI) and a “Best Overall” Certified B Corporation® six years-running. Headquartered in Oakland, California, USA and founded as a social enterprise bank in 2007, Beneficial State Bank serves the three West Coast states. Beneficial State Bank holds to a triple-bottom-line of social justice, environmental well-being, and economic sustainability. Over 75% of commercial loans outstanding support affordable housing, renewable energy and environmental sustainability, education, and youth development, and other mission-aligned business structures and ventures. The Bank has no individual shareholders demanding that the Bank maximize profits in their interest. Rather, 100% of the economic rights of Beneficial State Bank are owned by nonprofit organizations. Beneficial State Foundation, the majority beneficial owner, measures and supports the social and environmental impact of the Bank and works to change the banking system for good.
Summary of sustainability strategy
Beneficial State’s vision is of banking industry
Our strategy to achieve this vision and effect social justice and environmental regeneration is through
- A non-profit ownership structure that ensures that people and planet are not compromised for the sake of profit
- A lending practice that does no harm and ensures 75% or more of our dollars are in support of changemakers that are making the world a better place
- Products and services that are fair and transparent, that improve the customer’s financial health
- Corporate practices that prioritize the wellbeing of employees, customers, the community, and the environment
- Advocacy for policies and laws that ensure power and resources are more equitably distributed in our society
- Transparency in our own reporting and through 3rd party certifications to ensure that we are accountable to our stakeholders
Why the bank joined UNEP FI as a member
To be part of building a banking system that creates a world that works for all. To learn and share best practices and collaborate on high social, environmental and ethical standards for the banking industry.
Corporate Sustainability Reports
All Beneficial State Impact data and reports can be found at: