May 04, 2020 | News
Beneficial State Bank Helps WA Nonprofits as the Bank of Record for GiveBIG Washington
Beneficial State Bank, a mission-driven community bank, will provide a safe and easy-to-use donation portal for Washingtonians to support their favorite nonprofit during GiveBIG Washington--an online fundraising campaign being held May 5-6 aimed at raising $12 million for local nonprofits
Seattle, May 4, 2020--Beneficial State Bank announced today it will provide a safe and easy-to-use donation portal to collect and process all the money raised by GiveBIG Washington, the state’s largest online fundraising event aimed at raising $12 million to support local nonprofits. Beneficial State receives the donated funds as they are processed by the GiveBIG platform, which is provided by Civicore.
GiveBIG Washington, a two-day online giving campaign May 5-6, will be held in conjunction with #GivingTuesdayNow, a global day of giving in response to the unprecedented need necessitated by the Covid-19 crisis. GiveBIG is open to any tax-exempt organization in Washington State and helps raise funds for participating nonprofits by connecting them with existing and new donors. In 2019, $11.4 million was raised for 1,500 nonprofits.
“While many people may not be in a place to give right now, for those who are, there’s never been a more important time to donate to local nonprofits. Beneficial State Bank is honored to be sponsoring and supporting this event by providing a safe and easy way for people to support their favorite nonprofits,” said Randell Leach, CEO of Beneficial State Bank, which is waiving all ACH fees associated with GiveBIG donations. “The level of need is so great right now, and we’re hoping the CARES Act’s $300 tax deduction for charitable giving helps people take that extra step to give what they can to help our communities weather this storm together.”
The federal CARES Act, the $2 trillion emergency relief package Congress passed in response to the Covid-19 crisis, includes a $300 tax deduction for all charitable giving in 2020. Taxpayers do not have to itemize to take this deduction.
GiveBIG Washington is organized by 501 Commons, a 501c3 charitable organization that has been providing a variety of services designed to amplify the strengths of nonprofits for 30 years. On April 27, Beneficial State Bank began partnering with 501 Commons to process Paycheck Protection Program (PPP) loans for nonprofits that weren’t able to access PPP loans from their own bank. As of May 3, Beneficial State has approved 20 PPP loans worth about $1.4 million for Washington State nonprofits receiving loan application assistance from the 501 Commons financial services program. The Paycheck Protection Program provides loans to small businesses and nonprofits to help them pay their employees during the COVID-19 crisis.
“Beneficial State has been available around the clock and they have worked shoulder to shoulder with our financial services staff to get loans approved by the SBA. As a result, critical funds are flowing to nonprofits throughout the state that had difficulty navigating the loan process,” said Nancy Long, Executive Director of 501 Commons. The PPP loans provide paychecks for nonprofit staff members and can be converted to grants if nonprofits maintain staff positions and pay levels.
About a third of Beneficial State Bank’s commercial portfolio is made up of nonprofits.
To donate to a local participating nonprofit visit GivBIG’s website.
About Beneficial State Bank
Mission-driven Beneficial State Bank is a state-chartered, federally insured Community Development Financial Institution (CDFI) and a “Best Overall” Certified B Corporation® since 2013. Headquartered in Oakland, California, and founded as a social enterprise bank in 2007, Beneficial State Bank has grown organically and through aligned acquisition to serve 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.