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5 Ways Your Money Helped People Thrive in 2024
Oct 01, 2025
We were founded to do good through banking, and in 2024, your money helped us do just that through our three areas of impact: Economic Mobility, Regenerating the Environment, and Building a Better Banking System. This post explores Economic Mobility and why it matters.
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What Does It Really Take to Get Ahead Financially?
Why do some people in our communities seem to climb the economic ladder while others—working just as hard or harder—stay stuck? What role does banking play in that journey? And how can you be part of the solution?
The upward momentum that comes from building wealth and achieving financial security was once much more attainable for those living in the United States. According to Opportunity Insights, children’s chances of earning more than their parents have been steadily declining since the 1940s. Achieving financial success is now far more challenging than it used to be.
In 2024, your deposits at Beneficial State Bank helped change that. But before we dive into the impact, let’s explore a deeper question: What is economic mobility—and why does it matter so much right now?
What Economic Immobility Looks Like
People in our communities face many economic challenges:
- Rent that keeps rising
- Cars that break down with no affordable way to fix them
- Wages that don’t keep up with the cost of living
- Limited access to affordable childcare
- Barriers to starting a business
- Student loan and medical debt
- Discrimination in lending and employment, which compounds economic hardship for marginalized groups
When faced with any of these economic hurdles, people can become stuck in an endless cycle: low-wage jobs, overwhelming debt, and even losing their housing. This makes it hard (if not impossible) to climb the economic ladder. This is economic immobility.
While we strive to pass down a better financial position for the next generation, economic immobility makes that goal increasingly out of reach for too many. These aren’t personal failures—they’re symptoms of a system that makes it harder to get ahead, especially for those born into poverty or underinvested neighborhoods.
The traditional banking system was designed in ways that often hinder economic mobility: charging fees when account holders have no funds to pay them, denying credit to new borrowers, and building pathways to prosperity for those who are already prosperous.
But it doesn’t have to be this way. When we all work together, we can build pathways up and out of economic stagnation for our neighbors, friends, and fellow citizens.
What is Economic Mobility and Why Does it Matter?
Economic Mobility means creating opportunities for people—especially in low-income communities—to move upward financially. For us, it’s about transforming the traditional banking system into a tool for helping make that a reality for people.
Economic mobility looks like:
- Stable housing
- Reliable transportation
- Access to education and well-compensated jobs
- Access to affordable healthcare and childcare
- Tools to save, build credit, and start a business
People move from surviving to thriving. It’s this upward momentum that opens doors to new possibilities, allowing them to surpass the economic status of their parents and grandparents and break the cycle of poverty once and for all. This is what we want to see – for everyone.
Five Ways We Funded Economic Mobility in 2024:
#1: Affordable Housing
In 2024, we originated over $52 million in affordable housing loans, accounting for over 50% of our commercial lending for the year.
Affordable housing is a cornerstone of economic mobility. When people can afford stable housing, they’re better able to pursue education, employment, and other opportunities.
But in the regions we serve—some of the most expensive in the country—housing development faces major hurdles: high land costs, restrictive zoning, and lingering effects from the Great Recession. Financing is often a bottleneck.
We work to remove that barrier by offering fast, flexible lending to affordable housing developers. In 2024, 84% of the units we supported were deed-restricted, ensuring long-term affordability. Since 2007, our lending has helped finance 17,143 affordable housing units.
#2: Reliable Transportation
At the end of 2024, we held $322 million in active auto loan balances for over 16,000 loans.
Transportation is what connects people to economic opportunities like jobs and education, and, on average, it’s a family’s second-largest expense after housing. In rural and low-income areas with limited public transit, a vehicle becomes essential to moving up the economic ladder.
Yet many people with low credit scores or no U.S. credit history face high interest rates or predatory loans that trap them in unnecessary debt.
Our auto loans are rooted in fairness, and in 2024, our refinance customers lowered their interest rates by an average of 5.6%, saving about $152 per month. Our use of alternative credit underwriting enables more people to finance a vehicle, build credit, and benefit from the same fair rates as all our customers.
#3: Matched Savings Accounts
By the end of 2024, we helped people save over $102,800 through Individual Development Accounts (IDAs), with an average savings of around $517.
Savings are key to upward mobility. They help people save for a small business, buy a car, or repay student loans. But for those living paycheck to paycheck, building a meaningful savings account can be out of reach.
IDAs help bridge that gap by providing matching federal, state, or philanthropic funds. This helps people save faster and makes building a financial cushion more achievable.
#4: Small Businesses
In 2024, we issued $18 million in loans to small businesses.
Small businesses consistently punch above their weight in job creation, accounting for roughly two-thirds of new jobs in the U.S. They also offer a path to generational wealth for families.
But as many as half of small business owners struggle to secure the funding they need to maintain or grow their businesses, with entrepreneurs of color facing even higher denial and interest rates.
Small business loans like those backed by the SBA provide affordable rates and flexible terms, helping owners cover key expenses like equipment or property, often making the difference between survival and growth.
#5: Nonprofits
By year-end 2024, we held over $455 million in nonprofit deposits across more than 2,000 accounts.
Nonprofits do the essential, on-the-ground work where larger systems fall short, helping people gain economic mobility through supportive areas such as health, education, career development, and much more.
We’re proud to be a leading nonprofit banking provider on the West Coast, offering tailored services like treasury management, lending, and lines of credit to help nonprofits grow and sustain their impact. As a bank majority-owned by a nonprofit — Beneficial State Foundation — philanthropy is in our DNA.
Thank You for Making This Possible
Banking is one of the most powerful forms of collective action. When we pool our resources with intention, we create ripple effects that reach far beyond any single account.
Thank you for being part of this movement. Your money made a real difference in 2024—and we’re just getting started.
To explore the full scope of your impact, check out our 2024 Impact Report. And if you’re ready to align even more of your money with your values, learn how to move your money 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.
