2023 Impact Report: See How Your Dollars Made a Difference
Nov 12, 2024
Our largest-ever loan portfolio of $1.3 billion supported renewable energy, affordable housing, and more
2023 faced unprecedented challenges, from bank collapses to housing affordability and climate disasters. Yet opportunities for progress emerged. Our teams invested in renewable energy, launched virtual financial wellness tools, advocated for an inclusive financial system, and more. In our Impact Report, we celebrate our achievements made possible through collaboration with our customers, colleagues, and partners.
18,500+ depositors fueled our lending for people and the planet while avoiding harmful industries
When you deposit your money at Beneficial State Bank, your funds are turned into loans that we provide to people, nonprofits, small businesses, and organizations to help them thrive and grow.
In 2023, over 18,500 people and organizations held deposits with us, totaling $1.3 billion.
This allowed us to grow our lending portfolio to its largest-ever amount of $1.3 billion. Beyond getting funneled into positive initiatives, we continued to steer clear of lending to harmful industries, a commitment we’ve upheld since our inception in 2007.
Over $219 million of outstanding loans to creating and preserving affordable housing
We're committed to expanding affordable housing in communities that need it most. In 2023, we expanded our team of housing finance experts to sharpen our focus, ending the year with over $219 million in loans dedicated to affordable housing across California, Oregon, and Washington. Our current loan portfolio represents over 2,970 housing units, and completed projects include the 54-unit Opal Apartments in Cedar Mill, Oregon, which is open to LGBTQ+ and allied senior citizens.
Advocating for a transparent and inclusive financial system
At Beneficial State Bank, we push for policies that protect consumers and create a fairer banking system. In 2023, we joined over 20 banks in the Underwriting for Racial Justice pilot program, examining how credit practices affect borrowers in our communities.
We also celebrated new rules modernizing the Community Reinvestment Act and called for Congress to raise the FDIC deposit insurance limit to $10 million to boost confidence in our banking system. And we encouraged financial leaders to empower workers, reflecting our own experience as the first U.S. bank to unionize in over 40 years.
Advancing clean energy and environmental sustainability
We're also committed to supporting the environment and transitioning to clean energy. In 2023, we closed nearly $3 million in new loans for solar projects, bringing our totals to over $106 million in outstanding residential solar loans and $26 million for environmentally focused commercial projects. And true to our mission, we haven’t lent a dime to fossil fuels or other extractive industries since day one.
Helping nonprofits and small businesses thrive and grow
We're dedicated to strengthening communities by supporting local nonprofits and small businesses. At the end of 2023, we had $91 million in loans to nonprofits and held $550 million in deposits from them. We also had $89 million in outstanding loans to small businesses last year, with $5 million in new loans—35% of which were under $100,000.
Read our 2023 Impact Report
Explore our 2023 Impact Report to learn more about where we began, our current standing, and what's next for Beneficial Banking™.
Ready to join us? Contact us today!
People, Planet, Prosperity for All
We lend over $1 billion to support a brighter tomorrow, including affordable housing and the environment. When you bank beneficially, you choose to support people and planet.
Choose a Bank that Invests in Tomorrow
Beneficial State Bank serves the triple-bottom-line of people, planet, and prosperity for all. That means prioritizing social justice and environmental sustainability. Our clients want to see their money put to good use – funding causes that defend our planet and build resiliency in our communities. Change your bank and help change the world.
Spotlight on Affordable Housing
Housing is a human right. Supporting deed-restricted affordable housing development and renewal is central to our mission.